#Ireland #Dublin #BPH Treatment #ProVerum #ProVee System

ProVerum Secures $80 Million Series B Financing

ProVerum Limited, an innovative medical company based in Dublin, has announced a significant milestone with the closing of an $80 million Series B equity financing aimed at further developing the ProVee® System, a cutting-edge and minimally invasive treatment solution for benign prostatic hyperplasia (BPH). This funding round was led by MVM Partners, with additional support from OrbiMed and the Ireland Strategic Investment Fund (ISIF), alongside participation from existing investors like Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland.

The ProVee® System incorporates a specially designed nitinol stent that serves to gently reshape the enlarged prostate caused by BPH. One of its key features is a flexible and steerable delivery system equipped with integrated imaging technology, allowing it to maneuver through a thin profile comparable to traditional office-based endoscopes utilized in BPH diagnostics. This innovative approach is set to ease the symptoms associated with lower urinary tract problems that affect many men.

CEO of ProVerum, Paul Bateman, expressed his enthusiasm about the new financing, stating, "I'm delighted to welcome MVM, OrbiMed, and ISIF to the ProVerum team. This is an exciting time for the company as we prepare to commercialize our novel treatment for men with BPH." The company is poised to leverage the proceeds from this financing to expedite the preparation for commercialization, marking a pivotal step in making their innovative treatment accessible to patients in need.

The addition of new board members from key investors, Hugo Harrod from MVM Partners and Dina Chaya from OrbiMed, also highlights the growing support and confidence in ProVerum's vision. Harrod commented on the company's focus, saying, "ProVerum exemplifies MVM's mission to invest in transformative medical products addressing genuine unmet needs. We are excited to apply our knowledge in commercial stage medical technology to aid the Company in its upcoming phase."

OrbiMed’s Dina Chaya added, "ProVerum has created an innovative minimally invasive treatment for BPH, spearheaded by a top-notch team. We are excited to support the Company as it moves into its next growth stage."

About ProVerum

ProVerum Ltd. prides itself on developing groundbreaking minimally invasive technologies for BPH treatment. The flagship product, ProVee® System, is an investigational device currently limited by federal law for investigational use, meaning it is not available for sale in the U.S. For those interested in learning more about ProVerum, visit their official website at www.proverummedical.com and connect with them on social media platforms like X and LinkedIn.

About MVM Partners

Having invested in high-growth healthcare businesses since 1997, MVM operates globally with teams located in Boston, London, and the San Francisco Bay Area. Their portfolio spans various sectors including medical technology, pharmaceuticals, and diagnostics. For more information, check out www.mvm.com.

About OrbiMed

OrbiMed stands as one of the foremost healthcare investment firms, managing over $17 billion in assets. The firm invests across the healthcare spectrum, from startups to established corporations, utilizing various funding strategies including private equity and public equity funds. Their extensive team of over 130 professionals is strategically positioned across key global markets, including New York City and San Francisco, ensuring they remain at the forefront of healthcare investments.

About the Ireland Strategic Investment Fund

The Ireland Strategic Investment Fund (ISIF) functions as a sovereign development fund with a broad mandate to pursue commercial investments that promote economic growth and employment within Ireland. Governed and managed by the National Treasury Management Agency, ISIF plays a crucial role in supporting local economic advancements through strategic investment initiatives.