June 30, 2021
PROCEPT BioRobotics, which is developing surgical robots to help transform the field of urology, has announced raising $85 million in Series G financing. The round was led by Fidelity Management & Research Company LLC. The company said it intends to use the funds to support global commercial expansion of its AquaBeam Robotic System, an image-guided surgical robot system for use in minimally invasive urologic surgery.
The robot system delivers Aquablation therapy, image-guided robotic therapy for the treatment of benign prostatic hyperplasia (BPH). The therapy is designed to offer predictable and reproducible outcomes, independent of prostate anatomy, prostate size, or surgeon experience, the company said. BPH prevalence increases with age, and in the U.S. it impacts nearly 50% of men in their 50s, and 70% of men in their 60s. PROCEPT BioRobotics said BPH is the top reason a man visits a urologist, and currently impacts 40 million men in the U.S. Left untreated, this can lead to bladder, urinary tract or kidney problems.
“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,” said Reza Zadno, president and CEO of PROCEPT. “We expect this capital will enable us to continue scaling our commercialization efforts to met the global demand for Aquablation.”
The round also included investments from T.Rowe Price Associates, CPMG, Perceptive Advisors, Viking Global Investors, and Duquesne Family Office.
More details on the company are available at its website.