RIVERMARK MEDICAL CLOSES $30 MILLION SERIES C FINANCING TO ADVANCE DEVELOPMENT OF FLOSTENT™ SYSTEM FOR BENIGN PROSTATIC HYPERPLASIA

Novel technology aims to provide immediate relief for patients while seamlessly integrating into routine urological visits

MILWAUKEE, Oct. 10, 2024 /PRNewswire/ -- Rivermark Medical, a leader in minimally invasive solutions for Benign Prostatic Hyperplasia (BPH), today announced the close of a $30 million Series C financing round. The round was led by American Century Investments (ACI) including new investors Venture Investors Health Fund, Time BioVentures, and an unnamed strategic investor, with follow-on participation from existing investors View Ventures, Cadence Healthcare Ventures, and Anduril Investors LLC.

Funds will advance the clinical development of Rivermark's flagship product, the FloStent™ System, designed to restore urinary function for BPH patients. The device, currently in clinical development, offers a minimally invasive approach with quick recovery times, reversibility, and suitability for outpatient procedures.

"We're grateful for the support of our investors as we progress toward bringing the FloStent System to market," said Adam Kadlec, President and CEO of Rivermark Medical. "This financing will accelerate our clinical programs and our path to commercialization, providing a new solution for the millions affected by BPH."

BPH is a non-cancerous condition caused by an enlarged prostate, impacting the quality of life in approximately 1 in 3 men over the age of 50. It can lead to uncomfortable symptoms such as frequent urination, difficulty urinating, and urinary tract infections (UTIs). Rivermark's FloStent System is a uniquely engineered nitinol stent that gently holds the prostatic urethra open to restore normal urinary flow while preserving sexual function. The device is designed for rapid patient relief with minimal discomfort and can be deployed minimally invasively during an outpatient visit, offering fewer complications and minimal recovery time.

"We believe Rivermark is poised to make a transformative impact on BPH treatment with their innovative FloStent System," added Joe Biller, Managing Partner at American Century Investments. "Existing therapies provide challenges for patients including a difficult recovery process, diminished sexual function, and irreversibility. We're excited to support a technology that is uniquely engineered to address meaningful unmet needs."

About Rivermark Medical
Rivermark Medical was founded by a practicing urologist to develop the preferred first-line device therapy for benign prostatic hyperplasia. The FloStent System enables physicians to treat patients safely and efficiently, with minimal discomfort and reduced complications. The FloStent System was designed to rapidly restore normal urinary function, preserve sexual function, and improve a patient's overall quality of life. The FloStent System is the first product Rivermark Medical plans to bring to market. For more information, please visit www.rivermarkmedical.com.

SOURCE Rivermark Medical / SPRIG Consulting