Procept BioRobotics has raised $118 million in an equity round. The Redwood Shores, Calif.-based company plans to use the funding on the commercialization of its Aquablation robotic prostate surgery for benign prostate hyperplasia.
Procept said new backer Viking Global Investors led the round, joined by Perceptive Advisors and existing investors including CPMG.
The Aquablation treatment combines Procept’s Aquabeam – a high-pressure water jet used to remove prostate tissue without heating it – with imaging and surgical robotics technology. It won de novo clearance from the Food and Drug Administration in December 2017. At the time of the approval, Procept said it hoped to have the device on the U.S. market early in 2018.
“Our investors share our vision to make Aquablation therapy the new standard of care and treatment of choice for BPH,” CEO Nikolai Aljuri said in prepared remarks.
“Doctor Aljuri and his dedicated team have developed a transformative solution for prostate disease that ushers in a new era of surgical robotics. We welcome our new investors to the Procept BioRobotics team,” added chairman Dr. Rodney Perkins.
“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,” CPMG partner Antal Desai said in a press release. “We fully support the company’s mission to deliver better patient outcomes and build value over the long term.”
Procept BioRobotics recently conducted a Water II Study, a clinical trial testing the safety and efficacy of the robotic prostate surgery. The trials test the use of the system in prostates 80 to 150 mL and enrolled about 100 patients at up to 20 sites in the U.S. and Canada. This study followed the WATER Study, which showed Aquablation by the AquaBeam System resulted in similar outcomes to transurethral resection of the prostate for treatment of BPH in prostates 30 to 80 mL.