ProVerum has raised $80 million in venture capital funding to complete the development of its minimally invasive, stentlike implant to relieve the urinary symptoms of an enlarged prostate.
Known as benign prostatic hyperplasia, or BPH, the Dublin-based company’s ProVee system is designed to hold open an obstructed urethra using a low-profile, nitinol frame, without any procedure to heat, cut or remove tissue from the prostate.
ProVerum also described its approach as reversible with a universal fit and said the video-guided delivery system is the same diameter as the office-based endoscopes used to diagnose BPH.
The $80 million financing comes courtesy of a series B round led by MVM Partners; additional backers included OrbiMed, the Ireland Strategic Investment Fund, Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge and Enterprise Ireland, among others. MVM Partner Hugo Harrod and OrbiMed Partner Dina Chaya, Ph.D., also joined ProVerum’s board of directors.
Earlier this year, the company presented data from a randomized, sham-controlled study at the annual meeting of the American Urological Association (AUA) in Las Vegas, which included 221 men over the age of 45.
The trial met its primary and secondary endpoints, demonstrating significant improvements between measurements of urine flow and prostate symptom scores—with the latter posting a more than 125% average gain after three months compared to the control group—as well as no serious device- or procedure-related complications within one year, including erectile dysfunction. The study results were published in the AUA’s official journal.
ProVerum previously closed a series A round (PDF) of 30 million euros, or about $35 million, in 2022 that was co-led by Gilde Healthcare Partners and Lightstone Ventures.