NxThera Raises More Than $20M In Financing

NxThera Raises More Than $20M In Financing

The company, which develops products to treat urologic conditions, said that it will use the money to seek FDA approval for one of its treatments, to introduce that treatment to the European market, and to conduct cancer research.

NxThera, Inc., a Maple Grove-based medical device manufacturer, announced Wednesday that it exceeded its $20 million fundraising goal in a recent financing round.
 
The company—which aims to treat urologic conditions such as benign prostatic hyperplasia (BPH) and prostate and kidney cancer using water vapor devices—said the funding will allow it to commercially introduce its products and allow it to proceed with seeking FDA approval.
 
“With the completion of this round of financing, we believe NxThera is well-positioned to seek FDA clearance of our RezÅ«m System following completion of the pivotal trial, gain targeted commercial experience in Europe, and continue our prostate and kidney cancer clinical development programs,” Bob Paulson, president and CEO of NxThera, said in a statement.
 
Founded in 2008, NxThera initially raised $6 million in Series A funding, CFO Carmen Bringgold told Twin Cities Business. It then closed on $21.6 million in Series B funding in October 2011. It went on to raise $18.2 million in its initial portion of Series C funding last August before most recently announcing it had exceeded its $20 million goal for that Series C round.
 
Bringgold declined to disclose by how much exactly NxThera exceeded its $20 million goal.
 
NxThera is among several local companies that have recently closed on millions of dollars in financing. Click here to read about other successful fundraising efforts within Minnesota.
 
Twin Cities Business recently explored a revitalization of Minnesota’s med-tech industry. Click here to read the story (in which NxThera appears) from the March issue.