|[February 26, 2014]
NxThera Announces Completion of Series C Financing
MAPLE GROVE, Minn. --(Business Wire)--
Inc., a privately held medical device company developing endourology
applications for its proprietary and innovative Convective WAVE (News - Alert)™ (water
vapor energy) Technology platform, today announced completion of its
Series C round of financing. The initial closing of this Series C
financing was reported in August of 2013, and with today's closing,
total capital raised in this round exceeded the Company's original $20
million objective. This Series C financing is being used to fund
NxThera's (i) Rezum® U.S. pivotal clinical trial, the data
from which will be used to seek FDA clearance to market its Rezum System
to treat benign prostatic hyperplasia (BPH), (ii) commercialization of
its Rezum System to treat BPH at select centers in Europe, and (iii)
clinical feasibilty studies to evaluate applications of Convective WAVE
Technology to treat prostate cancer and kidney cancer.
"We sincerely appreciate the commitment, confidence and support, from
both our existing investors and our new investors, as we move closer to
realizing NxThera's vision of transforming the treatment experience of
urologists and the millions of men who suffer from prostate conditions,"
said Bob Paulson, president and chief executive officer of NxThera. "We
are very pleased with the rate of enrollment in our U.S. BPH pivotal
trial. With the completion of this round of financing, we believe
NxThera is well-positioned to seek FDA clearance of our Rezum System
following completion of the pivotal trial, gain targeted commercial
experience in Europe, and continue our prostate and kidney cancer
clinical development programs."
Endourologic conditions such as BPH, prostate cancer and kidney cancer
affect a significant number of men each year. More than 12 million men
in the U.S. have been diagnosed with BPH and more than 70 percent of men
over age 60 experience symptoms of BPH. More than 2.5 million men in the
U.S. have been diagnosed with prostate cancer.
NxThera is pioneering the application of its Convective WAVE Technology
platform to treat a variety of endourology conditions including BPH,
prostate cancer and kidney cancer. NxThera's sterile water vapor, or
steam, technology platform enables the delivery of targeted, precise BPH
treatments in a simple, office-based procedure designed to take only
minutes, with minimal discomfort, and provide improvements in urine flow
and improved quality of life. Founded in 2008, NxThera is located in
Maple Grove, Minnesota.
For more information, visit www.nxthera.com.
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