LEUVEN, BELGIUM, TROD Medical NV/SA has closed a 4.75 million euro Series B financing round, co-led by Versalius Biocapital and Capricorn Venture Partners; as part of the financing, TROD has relocated its headquarters to Leuven.
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Medical device company TROD Medical NV/SA today announced that it has successfully completed a Series B financing round for 4.75 million euro.
TROD Medical's Series B funding round was co-led by Vesalius Biocapital through its Vesalius Biocapital II Arkiv N.V. Fund (Brussels, Belgium) and Capricorn Venture Partners through its Capricorn Health-tech Fund (Leuven, Belgium). Other investors in the Series B round are Gemma Frisius Fund, the spin-off fund of the University of Leuven (Leuven, Belgium) and the Flemish investment company PMV, through its healthcare fund FCI (Brussels, Belgium).
This funding will be used to perform clinical studies in both Europe and the US to further validate the EncageTM technology for the focal treatment of prostate cancer. As part of the financing, TROD Medical relocated its head office to Leuven, Belgium. In addition, TROD medical will enter into a collaboration with the Medical Imaging Research Center (MIRC), an interdisciplinary research center in the University Hospitals Leuven, campus Gasthuisberg.
Andre Faure established TROD Medical to develop and commercialize a radio frequency based technology called EncageTM, which allows very precise soft tissue ablation, including cancer spots in the prostate. The TROD Medical technology EncageTM offers an innovative type of treatment with reduced risk of side effects, like impotence and incontinence. The first patients were successfully treated in a pilot study.
'This transaction is a great example of how a number of local actors can make the difference: the involvement of a strong local investor syndicate and the input of local know-how and expertise will allow TROD Medical to advance and optimize its product offer,' commented Frank Bulens, Partner at Capricorn Venture Partners.
StÃ©phane Verdood, Co-Founder and Managing Partner at Vesalius Biocapital said, 'We are very happy that we identified this opportunity back in 2012 and that we could convince the founders and CEO to move to Flanders. The technology is great and very promising.'
TROD Medical Chief Executive Andre Faure commented, 'This new financing round will allow expansion of our EncageTM RF ablation technology in outstanding Centers in the US and Europe. The Urology Community is very excited about the precision and consistency of our EncageTM ablation device and it won't take long to establish our technology as the only one really effective for focal ablation treatments.'
As part of the financing Frank Bulens (Capricorn Venture Partners) and StÃ©phane Verdood (Vesalius BioCapital) joined the Board of Directors.