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NxThera Completes $40MM Financing With Boston Scientific, East West Bank

December 07, 2015, 07:34 AM
Filed Under: Medical

NxThera, Inc., a medical device company pioneering the application of its Convective Water Vapor Energy (WAVE™) platform technology to treat endourological conditions, announced completion of a $40M round of financing. The round was led by Boston Scientific Corporation, with follow-on investments from the company's current investors, including Aberdare Ventures, Arboretum Ventures, GDN Holdings and The Ally Bridge Group, and an expansion of the company's debt facility with East West Bank. The investment by Boston Scientific follows previous investments in NxThera made since 2010 by American Medical Systems, whose Men's Health and Prostate Health businesses were acquired by Boston Scientific in August 2015.

Globally, over 50% of men over the age of 50 suffer from the symptoms of benign prostatic hyperplasia (BPH), including frequency, intermittency, urgency, weak stream and straining to urinate, and waking up multiple times during the night to urinate (nocturia).

The company intends to use the proceeds from this round to expand sales of the Rezum System to treat benign prostate hyperplasia (BPH) in the U.S. and selected international markets. The Rezum System received FDA clearance in August and allows urologists to treat their BPH patients in a variety of clinical settings, including in urology clinics as well as surgical centers.

NxThera pioneered its Convective Water Vapor Energy (WAVE™) technology platform to treat a variety of endourological conditions beginning with BPH. NxThera's FDA cleared Rezum System to treat BPH uses radiofrequency energy to create sterile water vapor, or steam, to convectively deliver targeted, precise thermal energy treatments in a simple procedure with minimal discomfort, and provide improvements in LUTS symptoms, urine flow and quality of life. The company is furthering the application of the technology platform through advanced research and development targeting the treatment of prostate cancer and kidney cancer. Founded in 2008, NxThera is located in Maple Grove, Minnesota.

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