The Trinity College Dublin spinout is targeting a form of prostate gland enlargement with a device that could be installed in under 15 minutes.
Proverum Medical, an Ireland-based prostatic urethra therapy spinout from Trinity College Dublin, has closed a $4.2m seed round led by the spinout-focused University Bridge Fund, according to MedicalDesign & Outsourcing.
Angel syndicates Hban Medtech, Irrus Investments and Boole Investment all took part in the round, as did Xenium Capital.
Proverum Medical has developed a surgical implant to treat a prostate gland enlargement known as symptomatic benign prostatic hyperplasia, which mainly affects men over the age of 80 and can lead to problems with urination.
The device is made from nickel titanium and can be installed with local anaesthetic in a 10-to-15-minute procedure. Proverum Medical will use the capital to fund initial human trials of the implant.
Conor Harkin, who completed a master’s degree from Trinity in health informatics, co-founded Proverum Medical alongside Riona Ni Ghriallais, a visiting clinical research assistant in the Department of Mechanical and Manufacturing Engineering.
Helen McBreen, investment director at Atlantic Bridge, said: “We believe the Proverum team has developed a truly novel device that represents a disruptive approach to the treatment of benign prostatic hyperplasia.
“The robust research at the core of Proverum’s invention is an impressive example of how companies can leverage the outputs of Irish research and development expertise to create unique solutions to global and complex clinical problems.”
University Bridge Fund is a $68m vehicle created by Trinity and University College Dublin, managed by growth equity fund Atlantic Bridge. It was established in 2016.
