REDWOOD SHORES — PROCEPT BioRobotics has secured $118 million in an equity financing led by new investor Viking Global Investors LP, with participation from new investor Perceptive Advisors and existing investors, including CPMG, Inc. The financing will support the worldwide commercialization of the company’s Aquablation therapy for the minimally invasive treatment of benign prostatic hyperplasia (BPH).
“Our investors share our vision to make Aquablation therapy the new standard of care and treatment of choice for BPH,” said Nikolai Aljuri, Ph.D., PROCEPT BioRobotics chief executive officer and principal architect of the AQUABEAM® System and its Aquablation technology.
Rodney Perkins, M.D., chairman of the board added, “Dr. Aljuri and his dedicated team have developed a transformative solution for prostate disease that ushers in a new era of surgical robotics. We welcome our new investors to the PROCEPT BioRobotics team.”
BPH is a highly prevalent condition affecting approximately 50 percent of men age 60 or older and 90 percent of men age 85 or older. In the U.S., there are over 12 million men being actively managed for BPH, of which two million have failed medical management and are looking for alternative treatment options. However, the treatments that offer the most significant symptom relief pose a trade-off to the patient as these alternatives also carry the highest complication rates, forcing patients to compromise between adequate symptom relief and sexual side effects.
The AQUABEAM System is the first FDA-granted surgical robot providing autonomous tissue removal for the treatment of BPH. The AQUABEAM System combines real-time, multi-dimensional prostate imaging and surgical robotics to deliver Aquablation therapy – waterjet ablation that enables targeted, controlled, heat-free and immediate removal of prostate tissue. Aquablation therapy is a minimally invasive technique that provides consistent, predictable and reproducible optimal outcomes with a low risk of sexual side effects.
“Based on PROCEPT BioRobotics’ commitment to innovation and the impressive clinical results from the double-blind randomized WATER Study, we believe Aquablation therapy is a paradigm-shifting solution for BPH,” said Antal Desai, partner at CPMG, Inc. “We fully support the company’s mission to deliver better patient outcomes and build value over the long term.”
The AQUABEAM System is commercially available in the U.S., Canada, Australia, New Zealand and select European markets.