Urotronic has raised $6.1 million in an equity offering involving 21 investors, according to a document filed with the SEC this week.
The Minnesota-based company has not publicly stated how it plans to spend its newly-acquired funds. Urotronic is developing a drug-coated balloon catheter designed to treat urethral strictures in men.
Last month, Urotronic got the green light in Canada to begin treating people with urethral strictures using its Optilume device. Strictures, which can be caused by infections or trauma, block the path that urine takes to leave the body and can result in a slowing of the urinary system.
Urotronic’s device uses balloon dilation and an anti-proliferative drug to prevent blockages from recurring. In clinical trials, the Optilume device has succeeded in opening blockages and stopping the formation of scar tissue, according to Urotronic.
“We are quite excited to see this come to market,” Dr. Conrad Maciejewski, a reconstructive urologist at the Ottawa Hospital, said in prepared remarks.
“We are excited to introduce our innovative drug-coated balloon to the Canadian market and look forward to working with physicians and their patients who suffer from this debilitating disease,” Urotronic president & CEO, David Perry, added.
The company is making progress in the U.S., as well. In April, the FDA approved an investigational device exemption trial for Optilume. The 200-patient pivotal trial is slated to begin enrolling participants immediately.
