Francis Medical Inc., a medical-device company building a system to treat prostate cancer with water vapor, announced Wednesday it closed a $55 million round of funding.
The Series B round was led by Chattanooga, Tennessee-based Solas BioVentures, along with Arboretum Ventures, Coloplast A/S and H2Oey Ventures.
Maple Grove-based Francis is using the funds to develop its cancer treatment through FDA 510(k) approval, which will include a clinic study for the management of prostate cancer, scheduled to begin enrollment in August 2022.
In June, the company announced a study that treated 15 patients with localized prostate cancer at four U.S. locations. In 87% of the patients treated, six-month biopsy results indicated no remaining grade 2 or higher clinically significant disease in the targeted areas.
"At Francis Medical, our shared vision from the beginning has been to bring this breakthrough technology to market to improve the lives of prostate cancer patients worldwide," said Michael Kujak, president and CEO of Francis Medical. "We look forward to deploying these proceeds toward making this vision a reality."
