NxThera Completes $12.6M Financing Round
NxThera, a St. Paul-based medical technology start-up, announced Wednesday that it has raised $12.6 million in a recent round of financing.
The company, which is developing a technology to reduce the tissue volume that causes enlarged prostates, said that it intends to use the raised funds to initiate a clinical study for its proprietary technology outside of the United States to obtain European approval.
NxThera said that it also is seeking approvals from the FDA to continue clinical studies in the United States.
Minnetonka-based American Medical Systems, Inc. (AMS), led the financing round, NxThera said.
“We are very pleased to have AMS, the global leader in world-class medical devices and therapies for male and female pelvic health, make this strategic investment in NxThera's endourology vapor ablation platform and team,” Bob Paulson, president and CEO of NxThera, said in a statement.
In conjunction with its fundraising announcement, NxThera also said that Glen Nelson, chairman of GDN Holdings and a retired vice chairman of Medtronic, Inc., has joined the company's board of directors.
Minnetonka-based GDN joined other previous investors-including Michigan-based Arboretum Ventures and California-based Aberdare Venures-in contributing to NxThera's most recent round of financing.
NxThera is developing a technology that delivers vapor directly to the prostate to reduce the tissue volume that causes obstructions and improve urinary flow for those experiencing benign prostatic hyperplasia, which the company says affects more than 32 million men in the United States.