The funds will be used for the global, commercial expansion of the AquaBeam robotic system
Surgical robotics company PROCEPT BioRobotics has secured $85m in Series G financing round for its AquaBeam robotic system.
Led by Fidelity Management & Research Company, the financing round saw participation from new investor T. Rowe Price Associates and existing investors CPMG, Perceptive Advisors, Viking Global Investors and Duquesne Family Office.
PROCEPT aims to use the proceeds from the round for the global and commercial expansion of the AquaBeam robotic system, an advanced and image-guided surgical robotic system developed for minimally invasive urologic surgery.
Designed to deliver Aquablation therapy, the AquaBeam is claimed to be the first and only image-guided robotic therapy to treat benign prostatic hyperplasia (BPH).
The AquaBeam robotic system uses single-use disposable handpiece to deliver Aquablation therapy, which will help provide predictable and reproducible outcomes.
The Aquablation therapy integrates real-time, multi-dimensional imaging, automated robotics and heat-free waterjet ablation for targeted, controlled and immediate removal of prostate tissue.
PROCEPT president and CEO Reza Zadno said: “Aquablation’s combination of safety and efficacy provide millions of men dealing with the disease of BPH an option that addresses the tradeoffs that exist with current treatment options.
“We would like to welcome both Fidelity Management & Research Company LLC and T. Rowe Price Associates as shareholders to our company and thank our existing investors for their continued support.
“We expect this capital will enable us to continue scaling our commercialization efforts to meet the global demand for Aquablation.”
In May 2018, PROCEPT announced that its Aquablation therapy achieved the primary safety and efficacy endpoints in the global phase III waterjet ablation therapy for endoscopic resection of prostate tissue (WATER II) study.