Participated · Series C · Jan 2025

Francis Medical develops the Vanquish Water Vapor Ablation System, a proprietary water vapor thermal-energy therapy delivered via a transurethral procedure to ablate cancerous prostate tissue while minimizing damage to surrounding structures. The technology uses phase‑shift energy stored in sterile water vapor to convectively transfer thermal energy and aims to reduce side effects common to radical prostatectomy and radiation. The company reported VAPOR 1 early feasibility study results showing no serious or device-related adverse events and that 87% of treated patients had no remaining Gleason Grade Group 2+ clinically significant disease in targeted areas at six months. Francis is conducting the prospective, multicenter, single-arm VAPOR 2 pivotal study to evaluate safety and efficacy and plans to file for 510(k) clearance in July 2025. Proceeds from the oversubscribed $80 million Series C will fund the VAPOR 2 study and U.S. commercialization efforts, which the company expects to complete by the end of 2025. Vanquish holds FDA Breakthrough Device designation based on the strength of the VAPOR 1 data. Francis Medical is a Minneapolis MI-based medical device company developing an innovative, proprietary water vapor ablation therapy for the treatment of prostate, kidney, and bladder cancer. Its core product is a water vapor ablation device and associated therapy currently focused on prostate cancer. The company plans to use the Series B proceeds to fund development toward FDA 510(k) approval, including a pivotal clinical study (VAPOR 2) scheduled to begin enrollment in August 2022. The financing follows VAPOR 1, a prospective, multicenter, single-arm study that treated 15 patients with intermediate-risk, localized prostate cancer at four U.S. clinical centers. VAPOR 1 reported no serious adverse events, no device-related adverse events, and no unanticipated adverse device effects as its primary endpoint. Leadership includes founder and CTO Michael Hoey and president and CEO Michael Kujak. Francis Medical is developing a platform that uses water vapor energy to ablate targeted urological cancer tissue while preserving surrounding structures, aiming to minimize side effects versus other treatments. The company’s initial focus is prostate cancer. Francis Medical was founded in 2018 and is based in Minneapolis. The company was founded as a tribute to the inventor’s father, Francis Hoey, who died from prostate cancer. Coloplast’s investment is intended to help Francis Medical continue to develop its minimally invasive solution and expand its presence with customers and patients. The funding aligns with Coloplast Interventional Urology’s strategy to pursue organic and inorganic growth and to provide solutions in men’s health segments like prostate cancer. Francis Medical is a Minneapolis-based, privately held medical device company developing a proprietary vapor ablation therapy to treat endourology cancers, beginning with prostate cancer. Its technology delivers targeted, controlled doses of stored thermal energy as water vapor to ablate tissue in a minimally invasive procedure. Early feasibility clinical trials in the Dominican Republic, Paraguay and Panama informed the initial development. The company plans to use the $18.0 million Series A to initiate further development, support additional international clinical work, and run a U.S. IDE pilot study in late 2019. Francis announced Michael Kujak as CEO to expedite formation, product development and clinical work, while founder and CTO Michael Hoey continues to lead the technology effort. Hoey previously pioneered thermal water vapor ablation and co-founded NxThera, which was acquired by Boston Scientific with $306M upfront plus up to $100M in milestones.