We are happy to update that Butterfly Medical, one of our portfolio companies at Alon Medtech Ventures closed its $7M B round. Leading the round is New Rhein, a US based healthcare focused fund. Butterfly Medical successfully completed the enrollment of 49 patient to its multi-center clinical study testing the company’s novel implantable device in patients suffering from benign prostatic hyperplasia (BPH) or an enlarged prostate. Follow up results to date are positive and support initiating a pivotal registration study. The Series B round was raised on the back of encouraging Feasibility Stage (initial safety and efficacy) data. Butterfly Medical will apply the proceeds, $5 million of which was invested by New Rhein funds and $2 million of which was invested by the company’s existing stockholders, to fund its pivotal US clinical trial and open US headquarters.
Butterfly developed a highly effective, safe implantable device that can be administered in a short procedure in the Urologist office. BPH, Benign Prostatic Hyperplasia, affects half of all men between the ages of 51 and 60, and up to 90% of men who are 80 or more years old. This huge market opportunity and the high degree of safety, efficacy and ease of use demonstrated in the Butterfly proof of concept clinical trial create an excellent business opportunity and the potential of solving the BPH problem for millions of men around the world.