Francis Medical, a Minneapolis MI-based medical device company, raised $55M in Series B equity funding.
The round was led by Solas BioVentures with participation from Arboretum Ventures, Coloplast A/S, H2Oey Ventures and Tonkawa.
The company intends to use the funds to fund for the development of its proprietary prostate cancer treatment through FDA 510(k) approval, which includes a pivotal clinical study (VAPOR 2) for the management of prostate cancer, scheduled to begin enrollment in August 2022.
Led by Founder and CTO Michael Hoey and president and CEO Michael Kujak, Francis Medical is a device company developing an innovative and proprietary water vapor ablation therapy for the treatment of prostate, kidney, and bladder cancer.
The funding follows strong results from VAPOR 1, a prospective, multicenter, single-arm study that treated 15 patients with intermediate-risk, localized prostate cancer at four U.S. clinical centers. The VAPOR 1 study reported no serious adverse events, no device-related adverse events, and no unanticipated adverse device effects as its primary endpoint.