Francis Medical announced the completion of an oversubscribed $80 million Series C equity financing, co-led by Arboretum Ventures and Solas BioVentures, with participation from new investors Orlando Health Ventures and two additional strategic partners, alongside existing investors Coloplast A/S and Tonkawa.
The Minneapolis-based company specializes in developing proprietary water vapor ablation therapy aimed at treating prostate, kidney, and bladder cancer. The proceeds from this funding round are earmarked for the VAPOR 2 pivotal clinical study, which focuses on the management of prostate cancer, and for the development and U.S. commercialization of its Vanquish proprietary prostate cancer treatment. The company anticipates commercializing its technology by the end of 2025.
Vanquish utilizes phase shift energy stored in sterile water vapor to convectively transfer thermal energy to cancerous tissue, effectively causing cell death while minimizing or eliminating damage to surrounding structures. The VAPOR 2 study is expected to support FDA 510(k) clearance, with the company planning to file with the FDA in 2025.
Michael Kujak, president and CEO of Francis Medical, expressed enthusiasm about the milestone, stating, "This milestone is an important step forward in the fight to vanquish prostate cancer. We are excited to be bringing this therapy to the U.S. market in late 2025 and are incredibly grateful to our investor partners for their dedication to making a meaningful difference in the lives of prostate cancer patients and are more confident than ever that this groundbreaking technology will ultimately become the first-line treatment of choice for men and their doctors."
