ProVerum has closed an $80m Series B equity financing round, boosting commercialisation efforts for its ProVee system for benign prostatic hyperplasia (BPH).
The funding round was led by MVM Partners, with participation from new investors OrbiMed and the Ireland Strategic Investment Fund (ISIF). Additional contributions came from existing investors, including Gilde Healthcare Partners, Lightstone Ventures, and Atlantic Bridge.
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The ProVee system employs a nitinol stent with integrated imaging designed to reshape a patient’s enlarged prostate. The company says a procedure with its device can help alleviate lower urinary tract symptoms commonly associated with BPH. Designed to be flexible and steerable, the ProVee system is the same size as office-based endoscopes used for diagnosing BPH.
If approved, it also has the potential to be a “first-line interventional therapy for BPH that can be safely and reliably performed in the office setting,” noted Steve Kaplan, professor of urology at the Icahn School of Medicine, in a statement from March 2024. Kaplan served as the principal investigator of the Phase III ProVIDE study (NCT05186740), which evaluated the stent in patients with BPH-related symptomatic urinary obstruction.
Closing of the Series B funding round follows positive results from ProVIDE in April 2025, which demonstrated the ProVee system’s capacity to significantly reduce BPH symptoms compared with sham treatment after three months.
While the intervention offered improvements to both International Prostate Symptom (IPSS) and quality of life scores, the technology also triggered no device or procedure-related serious adverse events (AEs) during the study period.
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By GlobalDataIf approved, the novel treatment would allow patients with BPH to avoid highly invasive surgical options like transurethral resection of the prostate (TURP) or transurethral incision of the prostate (TUIP), which can result in significant side effects such as urinary leakage and erectile dysfunction.
ProVee would also enter an industry currently poised for growth, with GlobalData’s Intelligence Center estimating that the nephrology and urology device market will be worth $12.4bn in 2034 – up significantly from its $9.1bn net worth in 2024.
However, the ProVee system would likely face strong competition from other technologies suitable for use in the doctor’s office, including Teleflex’s UroLift system, which was approved in 2013.
ProVee would also have to take on Boston Scientific-owned NxThera’s Rezum Water Vapour Therapy, which has been available to US patients following its approval by the Food and Drug Administration (FDA) in 2015.
However, UroLift may prove to be tougher competition for ProVerum, as data recently presented at the 40th Annual European Association of Urology (EAU) Congress in Madrid, Spain, found that UroLift was more popular than Rezum with patients.
Notably, UroLift was associated with improved early patient satisfaction, as well as sexual function in the head-to-head CLEAR trial (NCT04338776).
