REDWOOD SHORES, Calif.--(BUSINESS WIRE)--PROCEPT BioRobotics announced today that it raised $118 million in an equity financing led by new investor Viking Global Investors LP, with participation from new investor Perceptive Advisors and existing investors, including CPMG, Inc. The financing will support the worldwide commercialization of the company’s Aquablation therapy for the minimally invasive treatment of benign prostatic hyperplasia (BPH).
“Our investors share our vision to make Aquablation therapy the new standard of care and treatment of choice for BPH,” said Nikolai Aljuri, Ph.D., PROCEPT BioRobotics chief executive officer and principal architect of the AQUABEAM® System and its Aquablation technology.
Rodney Perkins, M.D., chairman of the board added, “Dr. Aljuri and his dedicated team have developed a transformative solution for prostate disease that ushers in a new era of surgical robotics. We welcome our new investors to the PROCEPT BioRobotics team.”
BPH is a highly prevalent condition affecting approximately 50 percent of men age 60 or older and 90 percent of men age 85 or older. In the U.S., there are over 12 million men being actively managed for BPH, of which two million have failed medical management and are looking for alternative treatment options. However, the treatments that offer the most significant symptom relief pose a trade-off to the patient as these alternatives also carry the highest complication rates, forcing patients to compromise between adequate symptom relief and sexual side effects.
The AQUABEAM System is the first FDA-granted surgical robot providing autonomous tissue removal for the treatment of BPH. The AQUABEAM System combines real-time, multi-dimensional prostate imaging and surgical robotics to deliver Aquablation therapy - waterjet ablation that enables targeted, controlled, heat-free and immediate removal of prostate tissue. Aquablation therapy is a minimally invasive technique that provides consistent, predictable and reproducible optimal outcomes with a low risk of sexual side effects.
"Based on PROCEPT BioRobotics’ commitment to innovation and the impressive clinical results from the double-blind randomized WATER Study, we believe Aquablation therapy is a paradigm-shifting solution for BPH,” said Antal Desai, partner at CPMG, Inc. “We fully support the company’s mission to deliver better patient outcomes and build value over the long term.”
The AQUABEAM System is commercially available in the U.S., Canada, Australia, New Zealand and select European markets.
About Viking Global Investors LP
Viking Global Investors LP is a global investment firm founded in 1999 that manages approximately $24 billion of capital for investors. Viking has offices in Greenwich, New York, Hong Kong, London and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission. https://www.vikingglobal.com
About Perceptive Advisors
Founded in 1999, Perceptive Advisors focuses on supporting progress in the life sciences industry by identifying opportunities and directing financial resources toward the most promising technologies in modern healthcare. Today, the firm manages approximately $3 billion. http://www.perceptivelife.com/about-us/
About CPMG, Inc.
CPMG, Inc. (CPMG) is an investment management company that employs a concentrated, value-oriented approach to investing in publicly-traded and private operating companies. The partners of CPMG have led or participated in numerous private investment transactions with an aggregate value in excess of $1 billion. These transactions involve companies in various stages of development. CPMG’s assets under management are approximately $1.4 billion.
About PROCEPT BioRobotics Corporation.
Based in Silicon Valley, PROCEPT BioRobotics is a privately-held surgical robotics company enabling better patient care by developing transformative solutions in urology. With an initial focus on BPH, PROCEPT BioRobotics offers the world’s first commercially available minimally invasive surgical robot providing autonomous tissue removal to safely and effectively treat BPH. Aquablation therapy offers predictable and reproducible outcomes, independent of prostate anatomy, prostate size or surgeon experience. http://www.PROCEPT-BioRobotics.com