Amphora Medical Inks $35.5M
MINNEAPOLIS, MN, Amphora Medical, a developer of medical devices to treat overactive bladder (OAB), today announced the closing of a $35.5 million Series B financing.
The financing was led by Longitude Capital and Boston Scientific Corporation (NYSE:BSX), and included participation by HBM Healthcare Investments, as well as existing venture investors F-Prime Capital Partners and Baird Capital. Amphora will use the proceeds from this financing to fund the U.S. pivotal study for its Selective Bladder Denervation System in women with OAB.
OAB is characterized by the frequent, sudden and desperate need to urinate, with or without urgency-associated urinary incontinence, which interferes with normal daily activities. Amphora's propriety Selective Bladder Denervation System is a minimally-invasive, cystoscopic device which uses targeted ablation (fulguration) to dampen the signals of the nerves responsible for the symptoms of OAB at their source in the bladder, while preserving the nerves responsible for natural bladder function.
"Today, many OAB patients have few options for managing their symptoms, which can be debilitating," said Marc Galletti, Managing Director of Longitude Capital. "Amphora's Selective Bladder Denervation system has demonstrated the potential to restore normal bladder function and provide lasting symptom improvement in ongoing feasibility studies, and we believe this proprietary technology has the potential to be a fundamental advancement in the treatment of OAB."
"The closing of this round is an important milestone for Amphora as we work to advance our minimally-invasive Selective Bladder Denervation System as a treatment for OAB," said Tom Ressemann, President and Chief Executive Officer of Amphora Medical. "Upon the completion of two ongoing feasibility studies, we expect to initiate the pivotal, randomized, sham-controlled, selective bladder denervation clinical trial in women who are refractory to medical therapy in 2018."
"As an initial investor in Amphora Medical, we are pleased to welcome Longitude Capital, Boston Scientific Corporation, and HBM Healthcare Investments," said Ketan Patel of F-Prime Capital Partners.
Concurrent with the financing, Marc Galletti of Longitude Capital and Thomas Thaler, Ph.D. of HBM Healthcare Investments will join Amphora Medical's Board of Directors. Mr. Ressemann also announced the appointment of Chris Owens, President and CEO of Gynesonics, as an Independent Director. These new board members will serve alongside Ketan Patel of F-Prime Capital Partners, Nicole Walker of Baird Capital and Mr. Ressemann.
Aquilo Partners provided financial advice to the company.
About Amphora Medical
Amphora Medical, Inc. located in Minneapolis, Minnesota, is a privately held bladder denervation company developing minimally invasive products to restore the quality of life of people suffering from bladder dysfunction syndromes. Founded in 2011, Amphora Medical is currently working on a novel cystoscopic device that has the potential to improve bladder function and quality of life for people with Overactive Bladder.
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