Francis Medical announced today that it has successfully concluded an $80 million Series C equity financing that exceeded expectations. The round was jointly spearheaded by Arboretum Ventures and Solas BioVentures. New backers, including Orlando Health Ventures and two other strategic collaborators, took part, alongside existing participants Coloplast A/S and Tonkawa.
Based out of Minneapolis, Francis Medical is at the forefront of creating unique water vapor ablation therapies targeting prostate, kidney, and bladder cancers. The company intends to channel the raised funds into its pivotal VAPOR 2 clinical study, which focuses on managing prostate cancer. Additionally, the funds are allocated for the development and commercialization of its Vanquish therapy for prostate cancer within the United States, with a projected market entry by the end of 2025.
The Vanquish treatment harnesses energy stored in sterile water vapor to efficiently transfer thermal energy to cancerous cells, initiating cell death while preserving surrounding healthy tissue.
Through the VAPOR 2 study, Francis Medical aims to achieve FDA 510(k) clearance, targeting a submission date in 2025.
Michael Kujak, the President and CEO of Francis Medical, remarked, “This accomplishment represents a vital step forward in the battle to eradicate prostate cancer. We are thrilled about introducing this therapy to the U.S. market in late 2025 and profoundly appreciative of our investors’ commitment to revolutionizing treatment for prostate cancer patients. We have unwavering confidence that this pioneering technology will become the preferred initial treatment choice for both men and their healthcare professionals.”