The financing round also saw participation from the company’s existing investors. Concurrent with the financing,William Dai is expected to join the Corinth MedTech Board of Directors.
Corinth MedTech has developed the Veloxion System for the treatment of Benign Prostatic Hyperplasia (BPH) and Transurethral Resection of Bladder Tumor (TURBT).
ShangBay Capital founding partner William Dai said: “We are very excited about the potential of the Veloxion System to establish a new gold standard in surgical BPH and TURBT treatments. Corinth has developed multiple proprietary technology platforms including radiofrequency tissue resection, radiofrequency hardened CMOS visualization and fluid management.”
According to the company, approximately 300,000 men suffer from BPH which needs surgical treatment and nearly 400,000 patients require TURBT procedures annually.
Corinth MedTech said that it has developed the Veloxion System for endoscopic tissue chip resection and coagulation, and removal of prostate adenomas and bladder tumors.
In addition, it has developed the system to be used under continuous flow conditions using a proprietary bipolar resecting device, combined with a fluid management system and integrated CMOS based visualization technology.
Corinth MedTech president and CEO Csaba Truckai said: “On behalf of all of the shareholders in Corinth MedTech, I welcome ShangBay Capital as a new investor and William as a new member of our Board.”
Corinth MedTech has secured US Food and Drug Administration (FDA) 510(k) approval for its Veloxion System in May 2019, and is planning to use the proceeds from the financing for the commercialization of the system.
The company said that its technology is also capable of treating women suffering from intrauterine polyps, fibroids and abnormal uterine bleeding (AUB).
In addition, the company estimates a combined £1.5bn plus global market opportunity for its Veloxion System.
Gerrit Adams from Crown Venture Fund said: “The Veloxion System has the potential to make a significant impact in the way patients are treated for these incapacitating diseases. As the first institutional investor in Corinth, we are excited to bring this new approach to the market.” – NS Medical Devices