Anonymous
Guest
Anonymous
Guest
Uromedica gets capital for R&D, FDA OKMinneapolis / St. Paul Business Journal - by
Uromedica Inc., a firm that's developed medical devices to treat incontinence, has raised about $5.25 million in capital to develop a new product and seek regulatory approval for two others.
The recent round of fundraising was led by a hedge fund, which Uromedica declined to name.
Uromedica is preparing to wrap up clinical trials on two of its products for treating incontinence, one targeting men and the other women, said company CEO Tim Cook. Both devices use a small balloon to bolster the muscles surrounding the bladder, a process that prevents the bladder from leaking.
The market is larger for women, who make up about 85 percent of the patients who suffer from incontinence. The company's device targeting men can be used to treat patients who have undergone prostate surgery.
Both products are fully implantable, but can be adjusted after surgery.
Uromedica plans to submit a plan for its first two products to the U.S. Food and Drug Administration for review next month, Cook said.
Uromedica also will use the funding to further develop a product that would be used to treat fecal incontinence.
The company's products are distributed in Europe through Fridley-based medical device giant Medtronic Inc., which owns a stake in the company. Uromedica is projecting revenue of about $2.5 million for this year.
Plymouth-based Uromedica has raised more than $15 million in capital since its founding
Uromedica Inc., a firm that's developed medical devices to treat incontinence, has raised about $5.25 million in capital to develop a new product and seek regulatory approval for two others.
The recent round of fundraising was led by a hedge fund, which Uromedica declined to name.
Uromedica is preparing to wrap up clinical trials on two of its products for treating incontinence, one targeting men and the other women, said company CEO Tim Cook. Both devices use a small balloon to bolster the muscles surrounding the bladder, a process that prevents the bladder from leaking.
The market is larger for women, who make up about 85 percent of the patients who suffer from incontinence. The company's device targeting men can be used to treat patients who have undergone prostate surgery.
Both products are fully implantable, but can be adjusted after surgery.
Uromedica plans to submit a plan for its first two products to the U.S. Food and Drug Administration for review next month, Cook said.
Uromedica also will use the funding to further develop a product that would be used to treat fecal incontinence.
The company's products are distributed in Europe through Fridley-based medical device giant Medtronic Inc., which owns a stake in the company. Uromedica is projecting revenue of about $2.5 million for this year.
Plymouth-based Uromedica has raised more than $15 million in capital since its founding