DUBLIN– ProVerum Limited, developer of the ProVee® System for benign prostatic hyperplasia (BPH), today announced it has closed an $80 million Series B equity financing to accelerate commercialization of its minimally invasive treatment.
The round was led by MVM Partners with participation from new investors OrbiMed and the Ireland Strategic Investment Fund (ISIF), alongside existing backers Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland. As part of the financing, Hugo Harrod, Partner at MVM Partners, and Dina Chaya, Partner at OrbiMed, have joined ProVerum’s Board of Directors.
The ProVee System is a nitinol stent designed to gently reshape the enlarged prostate and relieve lower urinary tract symptoms associated with BPH. It is deployed using a flexible, steerable delivery system with integrated imaging, similar in size to standard office-based endoscopes used in BPH diagnosis.
“I’m delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team,” said Paul Bateman, Chief Executive Officer of ProVerum. “This is an exciting time for the company as we prepare to commercialize our novel treatment for men with BPH.”
“ProVerum exemplifies MVM’s focus on disruptive medical products addressing areas of true unmet need,” said Hugo Harrod, Partner at MVM Partners. “We look forward to applying our experience in commercial-stage medical technology to support the company through its next phase.”
“ProVerum has an innovative minimally invasive treatment for BPH and is led by a first-class team,” added Dina Chaya, Partner at OrbiMed. “We are delighted to be supporting the company through the next stage of its growth.”
