ProVerum Medical recently announced that it has closed a $4.2 million seed investment with Atlantic Bridge University Fund leading the investment round.
Dublin-based ProVerum Medical, a startup company from Trinity College Dublin, received a number of investments from Irish and American angel investors like HBAN Medtech Syndicate, Irrus Investments, Boole and Xenium Capital.
The $4.2 million investment will help the company start its first human trials for a benign prostatic hyperplasia solution. It involves a nitinol implant that dilates the prostatic urethra without interfering with the prostate anatomy. Traditionally, the standard of care is invasive with surgical procedures and medications. The nitinol implant can be made to a tiny size so it can be easily implanted during a 10 to 15 minute minimally invasive procedure.
“On behalf of Atlantic Bridge, I am pleased to welcome Proverum Medical to the University Fund portfolio. We believe the ProVerum team has developed a truly novel device that represents a disruptive approach to the treatment of BPH,” said Helen McBreen, investment director at Atlantic Bridge. “The robust research at the core of ProVerum’s invention is an impressive example of how companies can leverage the outputs of Irish R&D expertise to create unique solutions to global and complex clinical problems.”
ProVerum Medical’s newest investment seed comes after the company received a number of international innovation award nominations and key executive appointments.
“This is an enormous and very developed market seeking better solutions, as validated by investment firms and global medical device companies. Millions of patients continue to suffer from symptoms because current treatment options are not meeting their needs,” said Adrian Gilmore, president and CEO of ProVerum. “We believe the ProVerum solution will give patients exactly what they want and need by delivering safe permanent symptom relief with a quick, comfortable and very cost-effective procedure.”
