ProVerum Limited has closed an $80 million Series B equity financing led by MVM Partners. Other support came from new backers OrbiMed and the Ireland Strategic Investment Fund (ISIF), and existing investors Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge and Enterprise Ireland, among others.

The ProVee System uses a nitinol stent designed to gently re-shape the enlarged benign prostatic hyperplasia (BPH) prostate and alleviate the associated lower urinary tract symptoms. It is deployed through a low profile, flexible, steerable delivery system with integrated imaging, which is the same size as the office-based endoscopes routinely used for diagnosing BPH. Proceeds from the financing will be used to prepare for commercialization.

“I’m delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team,” ProVerum CEO Paul Bateman said. “This is an exciting time for the company as we prepare to commercialize our treatment for men with BPH.”

The company also welcomed Hugo Harrod, partner at MVM Partners; and Dina Chaya, partner at OrbiMed, to its Board of Directors.

“ProVerum exemplifies MVM’s focus on disruptive medical products addressing areas of true unmet need. We look forward to applying our experience in commercial stage medical technology to support the company through its next phase,”MVM Partner Hugo Harrod commented. 

“ProVerum has an innovative minimally invasive treatment for BPH and is led by a first-class team. We are delighted to be supporting the company through the next stage of its growth,” OrbiMed Partner Dina Chaya added.

ProVerum Ltd. is a Dublin-based company developing minimally invasive technologies to treat BPH. Its first product offering, the ProVee System for BPH, is an investigational device, limited by U.S. law to investigational use.

MVM has invested in high-growth healthcare businesses since 1997. With teams in Boston, London, and the San Francisco Bay Area, MVM has a broad, global investment outlook spanning medical technology, pharmaceuticals, diagnostics, contract research and manufacturing, digital health, and other sectors of healthcare.

OrbiMed is a healthcare investment firm with more than $17 billion in assets under management. OrbiMed invests globally across the healthcare industry—from startups to large multinational corporations—through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies. OrbiMed’s team of more than 130 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets.

The Ireland Strategic Investment Fund (ISIF) is a sovereign development fund that has a mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. ISIF is controlled and managed by the National Treasury Management Agency, a state body that provides asset and liability management services to the Irish Government.