ProVerum Limited, a Dublin-based medical device company, announced the completion of an $80 million Series B financing round to advance commercialization of its ProVee System, a minimally invasive treatment for benign prostatic hyperplasia (BPH). The financing was led by MVM Partners, with participation from new investors OrbiMed and the Ireland Strategic Investment Fund (ISIF), alongside existing investors including Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge and Enterprise Ireland.
Novel Stent Technology for BPH Treatment
The ProVee System employs a nitinol stent specifically designed to gently reshape enlarged prostates affected by BPH while alleviating associated lower urinary tract symptoms. The device is deployed through a low-profile, flexible, steerable delivery system equipped with integrated imaging capabilities. Notably, the delivery system maintains the same dimensions as office-based endoscopes routinely used for BPH diagnosis, potentially enabling treatment in outpatient settings.
"I'm delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team," said Paul Bateman, CEO of ProVerum Ltd. "This is an exciting time for the company as we prepare to commercialize our novel treatment for men with BPH."
Strategic Investment and Board Expansion
The financing round brought significant expertise to ProVerum's leadership, with Hugo Harrod, Partner at MVM Partners, and Dina Chaya, Partner at OrbiMed, joining the company's Board of Directors. MVM Partners, which has invested in high-growth healthcare businesses since 1997, brings extensive experience in commercial-stage medical technology across global markets spanning Boston, London, and the San Francisco Bay Area.
"ProVerum exemplifies MVM's focus on disruptive medical products addressing areas of true unmet need," commented Hugo Harrod. "We look forward to applying our experience in commercial stage medical technology to support the Company through its next phase."
OrbiMed, managing over $17 billion in assets across global healthcare investments, emphasized the innovative nature of ProVerum's approach. "ProVerum has an innovative minimally invasive treatment for BPH and is led by a first-class team," said Dina Chaya, Partner at OrbiMed. "We are delighted to be supporting the Company through the next stage of its growth."
Commercialization Pathway
The Series B proceeds will be specifically allocated to prepare for commercialization of the ProVee System. The device currently holds investigational status and is limited by federal law to investigational use, remaining unavailable for commercial sale within the United States. ProVerum's focus on developing novel minimally invasive technologies positions the company to address significant unmet needs in BPH treatment.
The Ireland Strategic Investment Fund's participation reflects the sovereign development fund's mandate to invest commercially while supporting economic activity and employment in Ireland. ISIF operates under the control and management of the National Treasury Management Agency, providing asset and liability management services to the Irish Government.
