Milwaukee-based medical device company Rivermark Medical has closed a $30 million Series C funding round, the company announced Thursday. The funding will allow Rivermark to advance development of its flagship product, the FloStent System. The FloStent System is a minimally invasive device designed to retore urinary function to patients dealing with Benign Prostatic Hyperplasia (BPH).
Milwaukee-based medical device company Rivermark Medical has closed a $30 million Series C funding round, the company announced Thursday.
The funding will allow Rivermark to advance development of its flagship product, the FloStent System. The FloStent System is a minimally invasive device designed to retore urinary function to patients dealing with Benign Prostatic Hyperplasia (BPH).
BPH is the medical term for an enlarged prostrate. This happens when the prostrate gland increases in size. BPH can cause bladder, urinary tract or kidney problems, according to the Mayo Clinic.
[caption id="attachment_598547" align="alignleft" width="300"] Adam Kadlec[/caption]
“We’re grateful for the support of our investors as we progress toward bringing the FloStent System to market,” said Adam Kadlec, president and CEO of Rivermark Medical. “This financing will accelerate our clinical programs and our path to commercialization, providing a new solution for the millions affected by BPH.”
Rivermark’s FloStent System uses a nitinol stent that gently holds the prostatic urethra open to restore normal urinary flow while preserving sexual function. The device is designed for rapid patient relief with minimal discomfort, according to the company's announcement. The FloStent System can be put in place during an outpatient visit, offering fewer complications and minimal recovery time.
“We believe Rivermark is poised to make a transformative impact on BPH treatment with their innovative FloStent System,” said Joe Biller, managing partner at American Century Investments, lead investor in the funding round. “Existing therapies provide challenges for patients including a difficult recovery process, diminished sexual function, and irreversibility. We’re excited to support a technology that is uniquely engineered to address meaningful unmet needs.”
