– USA, CA – Corinth MedTech, a urology healthcare company and the developer of the Veloxion System, for the treatment of Benign Prostatic Hyperplasia and Transurethral Resection of Bladder Tumor, today announced that it has completed a $12 million equity financing led by ShangBay Capital LLC and Aethan Capital, Inc., in addition to the Company’s existing investors.
Concurrent with the financing, William Dai will join the Board of Directors.
The Veloxion System is intended for endoscopic tissue chip resection and coagulation, and removal of prostate adenomas and bladder tumors under continuous flow conditions using a proprietary bipolar resecting device, combined with a fluid management system and integrated CMOS based visualization technology.
“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,” said Mr. Dai, founding partner of ShangBay Capital.
“The Veloxion System has the potential to make a significant impact in the way patients are treated for these incapacitating diseases,” stated Gerrit Adams, from Crown Venture Fund. “As the first institutional investor in Corinth, we are excited to bring this new approach to the market.”
Corinth MedTech will use the proceeds from the financing to launch the commercialization of the Veloxion System, which received U.S. Food and Drug Administration 510k clearance in May 2019.
“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,” said Csaba Truckai, President and CEO of Corinth MedTech.
About 300,000 men suffer from BPH that requires surgical treatment and approximately 400,000 patients require TURBT procedures annually. Corinth technology is also capable of treating women suffering from intrauterine polyps, fibroids, and abnormal uterine bleeding. According to the New England Journal of Medicine, over one million women suffer from the above-listed diseases.
Corinth MedTech projects a combined $2 billion-plus global market opportunity for its Veloxion System.
About ShangBay Capital LLC
ShangBay Capital is a venture capital company that brings investors access to best-in-class investments in U.S. medical device technologies, biotechnology, and mobile healthcare sectors through early-stage venture equity participation.
For more information: https://www.shangbaycapital.com
About Corinth MedTech
Corinth Medtech, Inc. manufactures the medical device, which develops a bipolar trans-urethral resection system intended for endoscopically controlled prostate tissue removal for male patients diagnosed with BPH. The devices control and treat enlarged prostate in male patients. Corinth Medtech, Inc. was founded in 2011 and is based in Cupertino, California.
For more information: https://www.corinthmedtech.com
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