Medical technology company ProVerum secures $80 million in Series B funding for the commercialization of its innovative healthcare solution.
ProVerum, a medtech company based in Dublin, has raised $80 million in a Series B funding round. The funding was led by MVM Partners, with significant contributions from OrbiMed and the Ireland Strategic Investment Fund (ISIF).
The funding round is a significant milestone for ProVerum, as it sees the joining of these three key investors to the ProVerum team. Joining MVM Partners, OrbiMed, and ISIF are H.I.G. Capital, further strengthening ProVerum's investment portfolio.
In a statement, Paul Bateman, CEO of ProVerum, expressed delight in welcoming the new investors. "We are thrilled to have MVM, OrbiMed, and ISIF join our team as we prepare to commercialize our novel treatment for men with benign prostatic hyperplasia (BPH)", said Bateman.
The novel treatment referred to is the ProVee System, a treatment for BPH. The ProVee System is a minimally invasive treatment solution, deployed through a flexible, steerable delivery system with integrated imaging. The system, which is approximately the size of office-based endoscopes used for BPH diagnosis, includes integrated imaging technology.
ProVerum's primary focus is on advancing its ProVee System. The company plans to use the capital raised from this round to commercialize its ProVee System technology. The funding round is intended to support the commercialization of ProVerum's novel treatment for BPH.
Paul Bateman reiterated the significance of the funding round, stating, "This funding will enable us to accelerate the development and commercialization of our ProVee System, bringing a much-needed treatment option to men suffering from BPH."
The ProVee System is expected to make a significant impact in the treatment of BPH, offering a minimally invasive, flexible, and steerable solution with integrated imaging. With the backing of its new investors, ProVerum is well-positioned to bring this novel treatment to market.
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