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Medtech Uncategorized @en-US

Irish MedTech Company Raises €30 million

ProVerum, an Enterprise Ireland-supported company, is developing a minimally invasive solution to treat benign prostatic hyperplasia (BPH). They plan to use the €30 million from their recent Series A funding round to support the work of clinical trials as they move toward a presence in the US market. To support the trials, ProVerum has hired staff in the US.

ProVerum is a spin-out from Trinity College Dublin founded in 2016 by Ríona Ní Ghriallais and Conor Harkin. BPH is a common condition in older men whose enlarged prostate gland can cause uncomfortable urinary symptoms, like blocking the flow of urine out of the bladder. This can lead to infection, bladder stones, reduced kidney function, and other urinary and bladder issues. 

Current treatment for BPH includes drug therapy, which is shown to have little long-term improvement for patients. The standard surgeries done to treat BPH are performed under general anesthetic and are highly invasive, as they include removing part of the prostate. This intense surgery often results in long-term side effects including sexual dysfunction and incontinence. 

ProVerum’s innovative technology is significantly improving the quality of life for those who suffer from BPH. ProVerum’s treatment, ‘ProVee’ is much less invasive than previous surgeries as it is done under local anesthetic in a simple 5-minute outpatient procedure. The ProVee product is deployed through a low-profile, flexible, and steerable delivery system with integrated imaging. 

The ProVee is the same size as the office-based endoscopes routinely used for diagnosing BPH, making the ProVee system an extremely patient-friendly BPH treatment solution. The ProVee is a self-expanding implant that addresses urinary problems, is well-tolerated once they are implanted, and has an excellent safety profile as suggested by data. 

ProVerum’s s first-in-human safety and feasibility study at the Royal Melbourne Hospital, Australia was successful as it showed no device-related serious adverse events (SAEs) in any subject through two years of follow-up, and all study patients showed immediate and durable improvement in BPH symptoms. ProVerum received approval in December of 2021 to commence its pivotal US trial. The US trial has the potential to open up great market opportunities for ProVerum which would allow them to share their technology, ultimately helping millions of BPH patients.

The Series A funding round puts ProVerum on the track to global success. Along with the funding, ProVerum also appointed a new leader. Dave Amerson joined as the Chair of the Board of Directors with over 30 years of experience in the development and commercialization of novel medical devices in the field of Urology.

“We are delighted to have Dave join the ProVerum Board, his knowledge, understanding and experience in this field validates the commercial potential of the ProVee system,” said Paul Bateman, CEO of ProVerum. “We are looking forward to bringing our patient-friendly solution to the market in order to offer BPH sufferers a simple, safe and effective treatment in the doctor’s office.”

The medical client companies Enterprise Ireland partners with are truly making a difference in the lives of their patients with new technologies.  Enterprise Ireland works to share these technologies with millions of patients globally whose lives will be greatly improved by the care of Irish innovators. 

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