The $4 million equity investment will support the company in optimizing its product design and executing a pivotal U.S. study
MINNEAPOLIS (Sept. 29, 2020) – Francis Medical, Inc., an early stage company pioneering urological cancer treatments, beginning with prostate cancer, announced today that Coloplast has completed a $4 million equity investment in the company.
“We’re excited to bring on Coloplast, a strong company with deep experience in urology, as another strategic investor to help us continue developing urological cancer treatments that are tough on cancer, yet gentle on patients,” said Mike Kujak, Francis Medical president and CEO. “The investment also aligns well with the strategic direction of Coloplast’s Interventional Urology business, to bring innovative solutions to the urology market.”
Prostate cancer is the second most common cancer in American men. The American Cancer Society estimates that one in nine American men will be diagnosed with prostate cancer in their lifetime. It is a serious disease where current treatment options often cause further complications of urinary incontinence and erectile dysfunction. Francis Medical’s groundbreaking ablation technology applies the thermal energy stored in sterile water vapor to deliver targeted treatments to the cancerous tissue in a simple transurethral procedure, potentially minimizing the side effects often experienced with other prostate cancer treatments.
“Coloplast Interventional Urology is focused on bringing solutions to our existing customers in urology and gynecology,” said Steve Blum, Coloplast president of Interventional Urology. “Most of our existing urologist customers also see patients with prostate cancer, so we’re pleased to invest in a company dedicated to developing innovative and life-saving cancer treatments.”
Francis Medical’s VAPOR 1 U.S. early feasibility study is currently underway to evaluate the safety and efficacy of the company’s minimally invasive water vapor ablation therapy for the treatment of prostate cancer. Francis Medical received an investigational device exemption (IDE) for the study from the U.S. Food and Drug Administration (FDA) in late 2019. The outcomes of the VAPOR 1 study will be used to support a U.S. IDE submission to the FDA for the company’s pivotal trial.
For more information on Francis Medical, visit www.francismedical.com.
About Francis Medical
Founded in 2018, Francis Medical is a privately held company committed to developing urological cancer treatments that are tough on cancer and gentle on patients, with a compassionate belief that cancer tissue can be treated with minimally invasive treatments. The foundation of the company is a tribute to and legacy of the inventor’s father, Francis Hoey, whose life was ended by prostate cancer with treatments that had harsh implications on his normal daily living. The platform technology utilizes water vapor energy to ablate targeted cancerous tissue while preserving surrounding structures, potentially minimizing the side effects often experienced with other cancer treatments. The company also has efforts underway in the areas of bladder and kidney cancer. For more information on Francis Medical, visit www.francismedical.com or call (763) 951-0370.
Original Article: (https://medicalalley.org/2020/09/francis-medical-adds-urology-company-coloplast-to-roster-of-investors/#)