ProVerum, a medical start-up company, has been awarded €30 million in Series A funding.

Following promising findings in an Australian research study, the Irish start-up has acquired FDA authorisation to trial its medical product in USA.

The medical technology start-up ProVerum has raised €30 million in a succession of funding rounds to assist it in obtaining regulatory approval for its medical products in Europe and the United States.

Gilde Healthcare Partners and Lightstone Ventures led the funding round, which also included current investors. This comes after ProVerum’s triumphant application for funding and mentorship from the European Innovation Council Accelerator in October 2021.

The Trinity College Dublin spin-out is working on a treatment for benign prostatic hyperplasia (BPH), a condition in which the prostate gland enlarges and causes difficulties urinating. The company’s ProVee gadget is a nitinol expander that gently reshapes an enlarged prostate to relieve BPH symptoms.

ProVee is meant to be safely deployed in a doctor’s office environment using local anaesthetic in a straightforward operation. After demonstrating promising results in a feasibility study in Australia, the US Food and Drug Administration (FDA) granted ProVerum permission to begin clinical trials.

ProVee was effectively deployed in patients in an Australian study at the Royal Melbourne Hospital, and all of them demonstrated immediate and long-lasting relief in BPH symptoms, with no major adverse effects observed after two years of follow-up.

“The strong investor support from both Gilde Healthcare and Lightstone Ventures further underscores the opportunity and the progress ProVerum has made thus far.” Paul Bateman, the company’s CEO, stated “we are looking forward to bringing our patient-friendly solution to market in order to offer BPH sufferers a simple, safe and effective treatment in the doctor’s office.”

According to Micheál Coughlan, Head of the Global Medical Technology Practice Group within InterSearch Worldwide and Managing Partner InterSearch Ireland “ProVerum is an excellent example of innovation in Ireland and the positive contribution the company can make to the treatment of BPH on an international basis”.

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