Urotronic has raised $20 million in an equity offering involving 7 investors, according to a document filed with the SEC this week.
The Minnesota-based company is developing a drug-coated balloon catheter designed to treat urethral strictures in men. Urotronic’s latest fundraising efforts come on the heels of a $6 million offering that closed in July.
Earlier this year, Urotronic won approval 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.
In April, the FDA approved a 200-patient investigational device exemption trial for Optilume that is slated to begin enrolling participants immediately.
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