ProVerum Limited, a leading innovator in urological medical devices, has announced the successful completion of an $80 million Series B equity financing round. This significant capital raise is a major milestone for the company as it moves toward the commercialization of its novel treatment for benign prostatic hyperplasia (BPH), a common condition affecting millions of men worldwide. The funding round was led by MVM Partners, a well-known investment firm specializing in healthcare, with new investments from OrbiMed and the Ireland Strategic Investment Fund (ISIF). Existing investors, including Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland, also participated, demonstrating strong continued support for ProVerum’s mission.
At the heart of ProVerum’s innovation is the ProVee® System, a minimally invasive, nitinol-based stent designed to reshape the enlarged prostate and relieve bothersome lower urinary tract symptoms associated with BPH. Unlike traditional surgical approaches, the ProVee System can be delivered using a flexible, steerable device that is similar in size to standard office-based endoscopes, allowing for a streamlined, office-based procedure with minimal discomfort and rapid recovery. The device incorporates integrated imaging, ensuring accurate placement and optimal results.
Proceeds from this financing will be pivotal as ProVerum transitions from product development and clinical trials to preparing for broad market launch. The funds will be used to support final regulatory submissions, scale up manufacturing capabilities, and expand the commercial team to reach urologists and healthcare providers across major markets.
The company also announced that Hugo Harrod, Partner at MVM Partners, and Dina Chaya, Partner at OrbiMed, will be joining its Board of Directors, further strengthening ProVerum’s leadership as it embarks on this exciting new chapter. The collaboration of experienced investors and industry experts positions ProVerum for continued growth and success in revolutionizing BPH treatment.
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 Ltd.
“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
