PROCEPT® BioRobotics, a surgical robotics company developing intelligent solutions to transform the field of urology, today announced an $85 million Series G financing round led by Fidelity Management & Research Company LLC. New investor T. Rowe Price Associates, as well as existing investors CPMG, Inc., Perceptive Advisors, Viking Global Investors LP, and Duquesne Family Office, LLC are also participating in the financing.
PROCEPT intends to use the proceeds to support the global, commercial expansion of the AquaBeam Robotic System, an advanced, image-guided, surgical robotic system for use in minimally invasive urologic surgery. The system delivers Aquablation therapy, the first and only image-guided robotic therapy for the treatment of benign prostatic hyperplasia (BPH). Aquablation therapy is designed to offer predictable and reproducible outcomes, independent of prostate anatomy, prostate size or surgeon experience.
BPH is a disease where the prevalence increases with age and in the United States it impacts nearly 1 in 2 men in their 50s and 70% of men in their 60s. BPH is the number one reason a man visits a urologist and currently impacts 40 million men in the United States. BPH symptoms worsen over time, significantly impacting quality of life, and if left untreated, can lead to bladder, urinary tract or kidney problems.
“Aquablation’s combination of safety and efficacy provide millions of men dealing with the disease of BPH an option that addresses the tradeoffs that exist with current treatment options,” said Reza Zadno, President and CEO of PROCEPT. “We would like to welcome both Fidelity Management & Research Company LLC and T. Rowe Price Associates as shareholders to our company and thank our existing investors for their continued support. We expect this capital will enable us to continue scaling our commercialization efforts to meet the global demand for Aquablation.”