Medical technology business NxThera Inc. this week it secured $21.6 million in funding from a group of venture capitalists and other investors.
The St. Paul-based company specializes in using vapor technology to treat BPH, an enlarged prostate condition that ails 743,000 new patients annually.
The company said the money would go toward its pivotal clinical study in Europe, Canada and the United States, a key step in getting regulatory approval in Europe and from the US Food and Drug Administration. NxThera also said the investment will help the company develop more urologic uses for its technology.
The funding came from several groups, including American Medical Systems Inc., Mitsui & Co. Global Investment, Prolog Ventures and Alafi Capital, a team that included Premier Asia Capital and investors Lance Wallin and Brooks Wallin, and a group of Tennessee investors. Some of the money will be given after NxThera reaches certain milestones.
Earlier this year, NxThera raised $11.5 million in financing.
Michael Hoey, NxThera's founder, said his father was the inspiration behind his company. His father died from prostate cancer, and Hoey was determined to find a way that could significantly improve treatment of prostate conditions.
