Rivermark Medical, a leader in minimally invasive solutions for Benign Prostatic Hyperplasia (BPH), announced the closing of a $30 million Series C financing round. The funding round was led by American Century Investments (ACI), including new investors Venture Investors Health Fund, Time BioVentures, and an unnamed strategic investor, with follow-on participation from existing investors View Ventures, Cadence Healthcare Ventures, and Anduril Investors.
The funds will advance the clinical development of Rivermark’s flagship product, the FloStent System, which was designed to restore BPH patients’ urinary function. This device, currently in clinical development, provides a minimally invasive approach with quick recovery times, reversibility, and suitability for outpatient procedures.
BPH is a non-cancerous condition caused by an enlarged prostate, impacting the quality of life in approximately 1 in 3 men over the age of 50. And it can lead to uncomfortable symptoms such as frequent urination, difficulty urinating, and urinary tract infections (UTIs).
Rivermark’s FloStent System is a uniquely engineered nitinol stent that gently holds the prostatic urethra open to restore normal urinary flow while preserving sexual function. And the device is designed for rapid patient relief with minimal discomfort and can be deployed minimally invasively during an outpatient visit, offering fewer complications and minimal recovery time.
KEY QUOTES:
“We’re grateful for the support of our investors as we progress toward bringing the FloStent System to market. This financing will accelerate our clinical programs and our path to commercialization, providing a new solution for the millions affected by BPH.”
-Adam Kadlec, President and CEO of Rivermark Medical
“We believe Rivermark is poised to make a transformative impact on BPH treatment with their innovative FloStent System. Existing therapies provide challenges for patients including a difficult recovery process, diminished sexual function, and irreversibility. We’re excited to support a technology that is uniquely engineered to address meaningful unmet needs.”
-Joe Biller, Managing Partner at American Century Investments
