NxThera and Bruin Biometrics secured new financing for their respective medical devices under development, reminding us that financing in the sector continues to endure, even if it isn't at the heights it once was.
Minnesota-based NxThera is developing the Rezūm System, a water vapor device designed to treat enlarged prostate. And the company disclosed it has completed its Series C financing well above its original $20 million objective. Plans call for using the money to fuel the company's pivotal trial for the product, which will be submitted post-trial for FDA clearance.
Back in August NxThera's Series C had reached $18.2 million in an initial closing, and the company won a CE mark for the product around the same time. Financing at that point came from original investors Aberdare Ventures, Arboretum Ventures, GD Holdings and some new as-yet-unnamed investors.
President and CEO Bob Paulson said in a statement that the money will help carry it through the FDA regulatory finish line once the pivotal trial is complete.
|Bruin Biometrics' SEM Scanner--Courtesy of Bruin|
Bruin Biometrics (BBI) in Los Angeles, on the other hand, raised a $10 million financing, which it said was oversubscribed by nearly $2.7 million. Plans call for using the money to help market existing products, finish clinical trials and continue R&D work. BBI is developing biometric medical devices designed to both detect and monitor certain medical conditions. The funding came from a mix of private equity, angel investors and high net worth individuals, a spokesperson told FierceMedicalDevices.
BBI CEO Martin Burns said in a statement that, "investors, physicians and hospitals understand these sensors detect a number of key health conditions. They soon will become another essential tool used by nurses and other healthcare workers to check a patient's vitals, just as the blood pressure cuff is used today."
BBI previously raised $4 million in two initial funding rounds, the company said.
- here's NxThera's release
- check out BBI's announcement
Editor's note: This story has been updated to reflect that private equity, angel investors and high net worth individuals took part in Bruin's funding.