US surgical robotics firm PROCEPT BioRobotics has raised $118m funding for the worldwide commercialization of its Aquablation system for the minimally invasive treatment of benign prostatic hyperplasia (BPH).
The equity financing round, which was conducted by new investor Viking Global Investors, included the participation from new investor Perceptive Advisors and existing investors such as CPMG.
BPH is a highly prevalent condition that affects around 50% of men with age 60 or older, as well as 90% of men with age 85 or older.
AquaBeam system is claimed to be the first surgical robot that secured approval from the Us Food and Drug Administration (FDA) to offer autonomous tissue removal for the treatment of BPH.
The system aggregates combines real-time, multi-dimensional prostate imaging and surgical robotics to provide aquablation therapy, which is a waterjet ablation that allows targeted, controlled, heat-free and immediate removal of prostate tissue.
According to the company, the aquablation therapy is a minimally invasive technique that offers consistent, predictable and reproducible optimal outcomes with a low risk of sexual side effects.
PROCEPT BioRobotics CEO and AquaBeam system principal architect Dr Nikolai Aljuri said: “Our investors share our vision to make Aquablation therapy the new standard of care and treatment of choice for BPH.”
CPMG partner Antal Desai said: “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.
“We fully support the company’s mission to deliver better patient outcomes and build value over the long term.”
The company has already commercialized the AquaBeam system in the US, Canada, Australia, New Zealand and select European markets.
Based in Silicon Valley, PROCEPT BioRobotics is engaged in the development of novel solutions for urology segment.
Image: Benign prostate hyperplasia H&E stained microscopy at low power. Photo: courtesy of S.M. Samee.