Francis Medical, Inc. announced the completion of $55.0 million Series B equity financing led by Solas BioVentures with other previous investors, including Arboretum Ventures, Coloplast A/S, H2Oey Ventures and Tonkawa.
Francis Medical plans to use the Series B proceeds to fund the development of its proprietary prostate cancer treatment through FDA 510(k) approval, which includes a pivotal clinical study (VAPOR 2) for the management of prostate cancer, scheduled to begin enrollment in August 2022.
We are thrilled to be leading the Series B round of financing for Francis Medical. At Solas, we focus our investments on technologies that have the potential to transform the standard of care and directly impact patient outcomes. We strongly believe that Francis Medical’s water vapor technology will become the preferred first-line therapy for treating prostate cancer. If we achieve our goals, men facing prostate cancer will have a less invasive option that not only aggressively treats their cancer, but also helps preserve their quality of life.Dr. David Adair, managing director of Solas BioVentures
The funding comes on the heels of strong results from VAPOR 1, a prospective, multicenter, single-arm study that treated 15 patients with intermediate-risk, localized prostate cancer at four U.S. clinical centers. The VAPOR 1 study reported no serious adverse events, no device-related adverse events, and no unanticipated adverse device effects as its primary endpoint. In 87% of patients treated, six-month biopsy results indicated no remaining Gleason Grade Group 2 or greater clinically significant disease in the targeted treatment areas.
As the second most common cancer in U.S. men, the American Cancer Society estimates one in eight American men will be diagnosed with prostate cancer during their lifetime. Prostate cancer is a serious disease often treated with therapies that cause complications, such as urinary incontinence and erectile dysfunction. Francis Medical‘s water vapor technology applies the thermal energy stored in a few drops of sterile water to deliver targeted treatments to the cancerous tissue through a simple transurethral procedure. The therapy is designed to ablate cancer cells while protecting surrounding structures, lessening the likelihood of life-altering side effects common with other prostate cancer treatments.
Our Founder and Chief Technology Officer, Michael Hoey, and I would like to thank our investors, employees, and physician partners for achieving this important milestone. This financing is a real testament to the significant accomplishments of the entire team. 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. We look forward to deploying these proceeds toward making this vision a reality.Michael Kujak, president and CEO of Francis Medical