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PROVERUM MEDICAL

PROVERUM MEDICAL Secures EIC Accelerator Funding to Advance ProVee II for BPH Treatment Innovations

IrelandEIC Accelerator2021

Table of Contents

  1. The EIC Accelerator Project
  2. The Funding Rounds
  3. The Press Releases
  4. The Technology Advancements
  5. The Partnerships and Customers
  6. The Hiring and Company Growth
  7. The Media Features and Publications

1 The EIC Accelerator Project

The EIC Accelerator Program: A Comprehensive Overview

The European Innovation Council (EIC) Accelerator program is a pivotal initiative designed to support small and medium-sized enterprises (SMEs) and startups in the European Union (EU) that are developing breakthrough innovations. This program primarily targets high-risk, high-potential enterprises aiming to scale their operations, particularly in deep tech sectors. The EIC Accelerator provides a unique blend of funding options, including grants and equity investments, to help these companies transition from early-stage development to market readiness.

Funding Structure of the EIC Accelerator

The EIC Accelerator program offers a substantial financing mechanism comprising two main components: grants and equity.

1. Grants: Companies can receive grants of up to €2.5 million, which are non-repayable funds intended to support the development of innovative products, services, or processes. This funding is particularly beneficial for covering operational costs, research and development, and other essential expenditures that drive innovation.
2. Equity: In addition to grants, the EIC Accelerator provides equity funding, which amounts to up to €15 million until 2024 and will be adjusted to a maximum of €10 million from 2025 onward. This equity investment is aimed at helping companies scale their operations and enter the market effectively, giving them the financial leverage needed to attract further private sector investments.

Purpose of the EIC Accelerator in the European DeepTech and Startup Ecosystem

The primary goal of the EIC Accelerator is to foster innovation and enhance the competitiveness of European SMEs and startups, particularly in the deep tech sector. By providing significant funding and support, the program aims to reduce the barriers to entry that innovative companies face, such as access to finance, market entry challenges, and technological feasibility. The EIC Accelerator serves as a catalyst for growth, enabling these companies to develop cutting-edge technologies that can lead to job creation, economic growth, and improved overall societal well-being.

Role of the EIC Accelerator in Scaling Companies and Attracting Private Sector Funding

The EIC Accelerator plays a crucial role in helping companies scale by not only providing funding but also by facilitating connections with investors, mentors, and industry experts. This support enhances the visibility of innovative companies in the market and increases their credibility, making them more attractive to private investors. The EIC Accelerator's emphasis on commercialization and market readiness ensures that the funded innovations are positioned for success, which further encourages private sector investment.

Spotlight on EIC Accelerator Winner: PROVERUM MEDICAL and Their Project ProVee II

Company Overview
PROVERUM MEDICAL, based in Ireland, has emerged as a significant player in the medical technology sector, particularly focusing on solutions for benign prostatic hyperplasia (BPH). Their project, ProVee II, aims to revolutionize the treatment landscape for BPH, a condition that affects millions of men worldwide.

Project Description
ProVee II is designed to provide simple, safe, and effective treatment solutions for BPH that can be administered in a doctor's office. This project is particularly important as it seeks to enhance patient comfort and accessibility to treatment options, thereby improving overall healthcare delivery in this domain.

Funding Type
For the ProVee II project, PROVERUM MEDICAL received equity funding through the EIC Accelerator program, enabling them to harness the necessary resources to advance their innovative treatment solutions.

Project Timeline
The company submitted its Step 2 proposal to the EIC Accelerator on June 16, 2021, and successfully advanced through the subsequent Step 3 interview, solidifying their position as a recipient of this prestigious funding.

Technology Basics and Background

Benign prostatic hyperplasia (BPH) is a common condition characterized by the enlargement of the prostate gland, leading to disruptive urinary symptoms. Traditional treatment options often involve invasive procedures that can necessitate significant recovery time and may not be suitable for all patients.

ProVee II introduces a novel approach to treating BPH, focusing on minimally invasive techniques that can be performed in an outpatient setting. This approach not only simplifies the treatment process but also reduces the burden on healthcare facilities and enhances patient satisfaction. The technology underlying ProVee II leverages advanced medical devices designed for precision and efficacy, ensuring that patients receive optimal care with minimal discomfort.

In conclusion, the EIC Accelerator program is instrumental in propelling innovative companies like PROVERUM MEDICAL into the forefront of their industries, facilitating the development and commercialization of technologies that address critical healthcare challenges. Through robust funding and strategic support, the EIC Accelerator continues to foster a vibrant ecosystem for deep tech startups in Europe, ultimately aiming to drive economic growth and improve lives.

2 The Funding Rounds

ProVerum Medical, an Irish medical device company specializing in treatments for benign prostatic hyperplasia (BPH), has secured significant funding since its inception. Following the European Innovation Council (EIC) Accelerator funding received on June 16, 2021, the company has raised additional capital to advance its innovative ProVee device.

Series A Funding Round (January 2022):

In January 2022, ProVerum completed a €30 million Series A funding round. This round was co-led by Gilde Healthcare Partners and Lightstone Ventures, with participation from existing investors, including Atlantic Bridge University Fund. The funds were allocated to support the company's clinical program and regulatory approval processes for the ProVee system in Europe and the United States. (abven.com)

Seed Investment Round (May 2018):

Prior to the Series A round, ProVerum raised $4.2 million in a seed investment round in May 2018. The round was led by Atlantic Bridge University Fund, with participation from Enterprise Ireland and several Irish and American angel investors, including HBAN Medtech Syndicate, Irrus Investments, Boole Investment, and Xenium Capital. This investment enabled ProVerum to commence its first human trials in 2018. (healthcaredive.com)

Investor Information:

The Series A funding round attracted several notable investors:

  • Gilde Healthcare Partners: A specialized healthcare investor with offices in Utrecht, Frankfurt, and Cambridge, focusing on fast-growing, innovative companies in the healthcare sector. (abven.com)
  • Lightstone Ventures: A global venture capital firm investing in biotech and medtech companies, with offices in Boston, Menlo Park, Dublin, and Singapore. (abven.com)
  • Atlantic Bridge University Fund: An investment fund focused on accelerating the commercialization of groundbreaking research and scaling global businesses from Trinity College Dublin and other research institutions. (abven.com)

Company Valuations and Exit Events:

As of the latest available data, ProVerum Medical remains a privately held company. Specific valuations for the Series A funding round are not publicly disclosed. There have been no reported exit events, such as acquisitions or public offerings, up to this point.

Conclusion:

Since receiving the EIC Accelerator funding in June 2021, ProVerum Medical has successfully secured additional funding through its Series A and seed investment rounds. These investments have been instrumental in advancing the development and regulatory approval of the ProVee device, positioning the company for future growth in the medical device industry.

3 The Press Releases

ProVerum Limited, an Irish medical device company specializing in minimally invasive treatments for benign prostatic hyperplasia (BPH), has made significant strides since receiving the EIC Accelerator funding on June 16, 2021. The company has published several press releases and blog posts detailing its progress, partnerships, technological advancements, and team updates.

Completion of ProVIDE Clinical Study Enrollment

On March 20, 2024, ProVerum announced the completion of enrollment for the ProVIDE pivotal clinical trial. This study aims to evaluate the safety and effectiveness of the ProVee System, a nitinol expander designed to gently reshape the enlarged prostate and alleviate BPH symptoms. The trial enrolled 221 subjects across 15 investigational sites in the U.S. and two international sites. Dr. Steve Kaplan, Global Lead Investigator for the ProVIDE study, highlighted the potential of the ProVee System as a first-line interventional therapy for BPH that can be safely and reliably performed in the office setting. (prnewswire.com)

Introduction of the ProVIDE II: Bridging Study

In conjunction with the ProVIDE trial, ProVerum commenced the ProVIDE II: Bridging Study to evaluate the performance of its new low-profile, flexible, steerable delivery system for deploying the ProVee expander. This second-generation delivery system is designed to be the same diameter as a diagnostic cystoscope, making it suitable for office or outpatient settings. The first procedure using this new delivery system was successfully performed by Dr. Brian Mazzarella at Urology Austin, Texas. Dr. Mazzarella noted the straightforward use of the new delivery system, which operates similarly to a flexible cystoscope routinely used by urologists in office settings. (prnewswire.com)

Series A Funding and Board Appointments

On January 17, 2022, ProVerum announced the closing of a €30 million Series A equity financing round, co-led by Gilde Healthcare Partners and Lightstone Ventures, with participation from existing investors, including Atlantic Bridge University Fund. The funds are intended to support the company's clinical program and other operating activities in pursuit of regulatory approval for the ProVee system in Europe and the U.S. Concurrently, ProVerum appointed Dave Amerson as Chair of the Board of Directors. Mr. Amerson brings over 30 years of experience in the development and commercialization of novel medical devices in the field of urology, having previously served as CEO of Neotract Inc., the developer of UroLift. (abven.com)

First Enrollment in the ProVIDE Clinical Study

On June 13, 2022, ProVerum announced the commencement of the ProVIDE pivotal clinical trial, with the first procedure successfully performed by Dr. Sijo Parekattil at Avant Concierge Urology in Winter Garden, Florida. Dr. Parekattil described the ProVee procedure as straightforward and comfortably performed in a doctor's office, offering an exciting new alternative for BPH treatment. (prnewswire.com)

Technological Advancements and Patient-Friendly Solutions

ProVerum's ProVee System is a nitinol expander designed to gently reshape the enlarged prostate, alleviating BPH symptoms. The device can be deployed through a low-profile, flexible, steerable delivery system with integrated imaging, similar in size to office-based endoscopes routinely used for diagnosing BPH. This design makes the ProVee system an extremely patient-friendly BPH treatment solution, suitable for outpatient procedures under local anesthesia. (abven.com)

These developments underscore ProVerum's commitment to advancing minimally invasive treatments for BPH, enhancing patient outcomes, and expanding its presence in the medical device industry.

4 The Technology Advancements

ProVerum Medical, an Irish medtech company founded in 2016, specializes in developing minimally invasive treatments for benign prostatic hyperplasia (BPH), a condition characterized by the enlargement of the prostate gland. Their flagship product, the ProVee device, is designed to gently reshape the enlarged prostate, alleviating BPH symptoms through a simple, office-based procedure under local anesthesia. (abven.com)

In June 2021, ProVerum Medical secured funding from the European Innovation Council (EIC) Accelerator, a program aimed at supporting innovative start-ups and SMEs in Europe. (enterprise-ireland.com) This funding was intended to accelerate the development and commercialization of their ProVee device.

Following the EIC Accelerator funding, ProVerum Medical achieved several significant milestones:

  • Series A Funding: In January 2022, the company raised €30 million in a Series A funding round co-led by Gilde Healthcare Partners and Lightstone Ventures, with participation from existing investors, including Atlantic Bridge University Fund. This investment was earmarked to support ProVerum's clinical program and other operational activities, facilitating regulatory approval for the ProVee system in Europe and the U.S. (abven.com)
  • FDA Approval: In December 2021, ProVerum received approval from the U.S. Food and Drug Administration (FDA) to commence its pivotal clinical trial for the ProVee device, marking a significant step toward its market introduction in the United States. (abven.com)
  • Clinical Trials: The ProVee device underwent a first-in-human safety and feasibility study at the Royal Melbourne Hospital in Australia. The study demonstrated promising results, with all participants showing immediate and durable improvement in BPH symptoms and no device-related serious adverse events over a two-year follow-up period. (abven.com)
  • Leadership Appointment: In conjunction with the Series A funding, Dave Amerson, former CEO of Neotract Inc., was appointed as Chair of ProVerum's Board of Directors. His extensive experience in the urology medical device sector is expected to guide the company's strategic direction. (abven.com)

As of April 2025, ProVerum Medical's website is under development, indicating ongoing efforts to enhance their online presence and provide updated information to stakeholders.

While specific details about new patents, scientific studies, or whitepapers published by ProVerum Medical since the EIC Accelerator funding are not readily available, the company's progress in clinical trials and regulatory approvals suggests active development and potential advancements in their technology.

In summary, since receiving the EIC Accelerator funding in June 2021, ProVerum Medical has made substantial progress in advancing its ProVee device, securing significant funding, obtaining regulatory approvals, and demonstrating the device's efficacy through clinical trials.

5 The Partnerships and Customers

ProVerum Medical, an Irish medical device company specializing in minimally invasive treatments for benign prostatic hyperplasia (BPH), has made significant strides since receiving the EIC Accelerator funding on June 16, 2021. The company has established key partnerships and expanded its customer base, enhancing its market position and technological capabilities.

New Partnerships and Customers

In June 2022, ProVerum commenced the ProVIDE pivotal clinical trial to evaluate the safety and effectiveness of its ProVee System. The first procedure was successfully performed by Dr. Sijo Parekattil at Avant Concierge Urology in Winter Garden, Florida. This collaboration with Avant Concierge Urology marks a significant partnership in the U.S. market. (prnewswire.com)

Additionally, Dr. Steve Kaplan, Professor of Urology at the Icahn School of Medicine at Mount Sinai in New York, serves as the Global Lead Investigator for the ProVIDE study. His involvement underscores a strategic partnership with a leading academic institution, enhancing the credibility and reach of ProVerum's clinical trials. (prnewswire.com)

Nature and Purpose of Relationships

The collaboration with Avant Concierge Urology aims to assess the ProVee System's efficacy in a real-world clinical setting, providing valuable data on its performance and safety. Engaging with Dr. Kaplan and Mount Sinai facilitates access to a broader network of clinical expertise and resources, essential for the rigorous evaluation of medical devices.

Market Positioning

These partnerships position ProVerum Medical as a global player in the BPH treatment market. The association with reputable institutions like Avant Concierge Urology and Mount Sinai enhances the company's credibility and visibility, potentially attracting additional partners and customers.

Technological Advancements and Scaling

The ProVIDE clinical trial is pivotal for gathering comprehensive data on the ProVee System, which is crucial for regulatory approvals and market acceptance. Collaborating with esteemed institutions provides access to advanced research facilities and expertise, accelerating technological advancements and scaling efforts. The successful completion of this trial is expected to facilitate the ProVee System's introduction into new markets, thereby expanding ProVerum's global footprint.

In summary, since receiving the EIC Accelerator funding, ProVerum Medical has strategically partnered with key clinical institutions to advance its ProVee System, positioning itself for significant growth and innovation in the medical device industry.

6 The Hiring and Company Growth

ProVerum Medical, an Irish medical device company specializing in minimally invasive treatments for benign prostatic hyperplasia (BPH), has demonstrated significant growth and strategic development since receiving EIC Accelerator funding on June 16, 2021.

Team Expansion and Hiring Status

Following the EIC Accelerator funding, ProVerum Medical has expanded its team to support the advancement of its ProVee device. In January 2022, the company closed a €30 million Series A funding round, co-led by Gilde Healthcare and Lightstone Ventures, with participation from Atlantic Bridge and other existing investors. This substantial investment is intended to support ProVerum's clinical program and facilitate the market introduction of the ProVee device in both Europe and the United States. (irrusinvestments.com)

While specific details regarding the current headcount and team size are not publicly disclosed, the completion of the Series A funding and the initiation of clinical trials suggest a strategic focus on scaling operations and enhancing team capabilities.

Recent Hires and Management Changes

ProVerum Medical has made strategic hires to bolster its leadership and operational teams. In January 2022, the company appointed Adrian Gilmore as President and CEO. Gilmore emphasized the market potential for ProVerum's solution, highlighting the millions of patients seeking better treatments for BPH symptoms. (medicaldesignandoutsourcing.com)

Implications for Company Growth and Scaling

The recent funding and strategic hires position ProVerum Medical to accelerate the development and commercialization of its ProVee device. The leadership team's expertise and the financial backing are expected to drive the company's growth, enabling it to scale operations effectively and meet the needs of a broader patient base.

Conclusion

Since receiving EIC Accelerator funding in June 2021, ProVerum Medical has demonstrated significant growth through strategic investments and key leadership appointments. These developments are poised to enhance the company's capacity to deliver innovative treatments for BPH, marking a promising trajectory for its future endeavors.

7 The Media Features and Publications

ProVerum Medical, an Irish medtech company specializing in minimally invasive treatments for benign prostatic hyperplasia (BPH), has garnered significant attention since receiving EIC Accelerator funding on June 16, 2021. Their innovative ProVee device, designed to alleviate BPH symptoms, has been featured in various media outlets, publications, and events.

Media Features and Publications

In March 2024, ProVerum announced the completion of enrollment for the ProVIDE pivotal clinical trial, evaluating the safety and effectiveness of the ProVee System. This milestone was highlighted in a press release distributed by Cision PR Newswire. (kxnet.com)

In January 2022, ProVerum secured €30 million in Series A funding, co-led by Gilde Healthcare and Lightstone Ventures, with participation from Atlantic Bridge and other existing investors. This development was reported by Irrus Investments, emphasizing the company's progress in advancing its clinical program. (irrusinvestments.com)

Podcasts and Interviews

Specific details regarding podcasts or interviews featuring ProVerum Medical's team since June 16, 2021, are not readily available in the provided sources.

Conference and Event Participation

Information about ProVerum Medical's participation in conferences, fairs, presentations, or other events since June 16, 2021, is not explicitly detailed in the available sources.

Involvement in Events

The available sources do not provide specific details about ProVerum Medical's involvement in events since June 16, 2021.

For the most current and detailed information, it is recommended to visit ProVerum Medical's official website at proverummedical.com, where updates on their activities, media features, and event participations are likely to be posted.

EIC Accelerator Winner - 2021