ProVerum Limited is a company that has made significant strides with its development of the ProVee System, a minimally invasive solution specifically designed for treating benign prostatic hyperplasia (BPH). Recently, the company announced the closing of $80 million Series B equity financing round, marking a crucial step in its journey towards bringing this innovative treatment to market. MVM Partners notably led this financing and it was bolstered by the participation of new investors, including OrbiMed and the Ireland Strategic Investment Fund (ISIF). Existing investors, including Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland, also played a significant role in this round, demonstrating their continued support and confidence in ProVerum’s vision and potential.
The ProVee System itself represents a groundbreaking approach to managing BPH, a condition that affects many men as they age. It features a nitinol stent that is designed to gently reshape the enlarged prostate, helping to relieve the lower urinary tract symptoms that can significantly impact the quality of life for those affected. Its design allows for deployment through a low-profile, flexible, steerable delivery system that includes integrated imaging capabilities.
This delivery system is comparable in size to the office-based endoscopes that healthcare professionals routinely use for diagnosing BPH. This innovative approach not only enhances patient comfort but also streamlines the treatment process.
The funds raised from this financing will play a vital role in preparing ProVerum for the commercialization of the ProVee System. This step is crucial for delivering this much-needed solution to patients seeking effective relief from BPH symptoms.
In a further sign of growth and commitment, ProVerum has also welcomed two notable individuals to its Board of Directors: Hugo Harrod, a partner at MVM Partners, and Dina Chaya, a partner at OrbiMed. Their expertise and insights will undoubtedly guide ProVerum as it navigates the path ahead, working towards a future where men suffering from BPH can access better treatment options and improved quality of life.
KEY QUOTES:
“I’m delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team. This is an exciting time for the company as we prepare to commercialize our novel treatment for men with BPH.”
Paul Bateman CEO of ProVerum
“ProVerum exemplifies MVM’s focus on disruptive medical products addressing areas of true unmet need. We look forward to applying our experience in commercial stage medical technology to support the Company through its next phase.”
MVM partner Hugo Harrod
“ProVerum has an innovative minimally invasive treatment for BPH and is led by a first-class team. We are delighted to be supporting the Company through the next stage of its growth.”
OrbiMed Partner Dina Chaya
