NxThera, a Minnesota-based startup developing a thermal vapor prostate treatment, is bringing in millions of extra investment dollars, including from a corporate partner.
The company disclosed in a recent U.S. Securities and Exchange Commission filing that it’s already raised $8.7 million in a $14.75 million stock offering that closes June 30. NxThera CEO Robert Paulson said there will be an announcement in the near future of new investors, including a “strategic corporate partner.” Paulson declined to provide more details.
The amount raised so far more than beats the $6 million in investments the company previously announced.
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Founded in 2008, NxThera has seven employees and a number of contractors, and is in “pre-revenue development” mode, Paulson said.
The company’s technology is meant to inject hot vapor into an enlarged prostate in order to shrink it so it stops obstructing the urinary tract and causing patients problems when relieving themselves.
Paulson also sees potential in using the technology to treat prostate, kidney or bladder cancer.
Previous NxThera investors include Arboretum Ventures, Aberdare Ventures and GDN Holdings.
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Paulson previously was head of Restore Medical, a company based in Roseville that focused on sleep apnea treatment. Medtronic Inc. acquired Restore in 2008 for nearly $30 million.