Corinth MedTech, a Cupertino, Calif.-based urology healthcare company and the developer of the Veloxion System, for the treatment of BPH (Benign Prostatic Hyperplasia) and TURBT (Transurethral Resection of Bladder Tumor), completed a $12m Series D equity financing.
The round was led by ShangBay Capital LLC and Aethan Capital, Inc., in addition to existing investors. Concurrent with the financing, William Dai, founding partner of ShangBay Capital, will join the Corinth MedTech Board of Directors.
The company will use the proceeds to launch the commercialization of the Veloxion System, which received U.S. Food and Drug Administration (FDA) 510(k) clearance in May 2019.
Led by Csaba Truckai, President and CEO, Corinth has developed the Veloxion System, which is intended for endoscopic tissue chip resection and coagulation, and removal of prostate adenomas and bladder tumors under continuous flow conditions using a proprietary bipolar resecting device, combined with a fluid management system and integrated CMOS based visualization technology.
The Corinth technology is also capable of treating women suffering from intrauterine polyps, fibroids and abnormal uterine bleeding (AUB).
Corinth MedTech projects a combined $2 billion plus global market opportunity for its Veloxion System.