Urotronic Closes $20M Series B Round of Financing
The investment will support the company's mission to develop revolutionary technologies that transform the global urology market
Plymouth, Minnesota (August 20, 2018) - Plymouth based Urotronicannounced today it has raised $20 million in a strategic round led by HM (Hillhouse & Mayo Clinic) Ventures. Additional investments were made by CDBI Partners, OCXPROURO Limited andLegend Capital. The investments will support the growth of the innovative device called Optilume™which combines balloon dilation with the delivery of an anti-proliferative drug to inhibit recurrence of blockages in the urinary tract.
"We are excited about the accomplishments our team has made," said Urotronic CEO David Perry. “This investment is really a validation of our work to this point and Urotronic’s potential to truly transform the urology market through innovative treatments for BPH and urethral strictures."
In clinical trials performed both in Latin America and the United States, Optilume™ has performed as intended in both opening blockages and inhibiting the formation of scar tissue which can develop quickly after any medical intervention. The procedure can be performed in an outpatient setting, making it easier for physicians to learn and deliver to regions of the world where access to medical care is challenging.
That is an important consideration to investor Robert Luo, CEO of HM Capital, who notes international testing demonstrates the procedure can be implemented around the world. “We see the hope of minimally invasive technology that can really improve the outcomes as well as the experience of the patients,” he said.
The number of urological procedures is growing rapidly as global population’s age and men are more susceptible to urinary tract problems. BPH, or benign prostatic hyperplasia, impacts half of men by the age of 50. It becomes more prevalent with age as the prostate gland surrounds the male urethra, becomes enlarged and obstructs the flow of urine from the bladder. Likewise, urethral strictures impact millions of men each year. They are brought on byinfections, trauma and other urological procedures and can also block the pathway for urine.
In both cases, conventional treatments provide temporary relief but also include painful side effects. Some of the most invasive treatments include cutting, steaming or permanent implants which can lead to tissue damage and prolong healing time.
“This technology is very disruptive and the end beneficiary is going to be the patients,” said investor and company board member Doug Kohrs. “Urotronic has embarked on an approach to treating BPH and strictures that no one else has ever taken.”
The Series B financing will be used to expand the Urotronic team, manufacturing space and complete the required clinical studies toward commercial approval in international and domestic markets.
About Urotronic, Inc.
Urotronic, Inc., headquartered in Plymouth, Minnesota, is an early stage medical device company currently conducting clinical trials to support global commercialization of their products. The Optilume™ drug-coated balloon technology provides a low cost, minimally-invasive treatment option for men suffering from urinary track conditions like benign prostatic hyperplasia (BPH), urethral and ureteral strictures, and bladder neck contractures (BNC). The prevalence of BPH and lower urinary tract issues rises markedly with increased age. BPH affects 70% of men 60-69 years of age and 80% of those 70 years of age or older. The drug-coated balloon technology under development creates a paradigm change from the methods currently used by urologists to treat these conditions. For more information on Urotronic and our products, please visit us at http://urotronic.com/ or to schedule interviews with any of these stakeholders contact publicist Robb Leer 612.701.0608.