Prostate device company Ionix Medical raises $1.8 million, prepares for pivotal trial

Neuflo catheter

MINNEAPOLIS, Minnesota — Ionix Medical, which is developing a medical device to treat enlarged prostates, has raised $1.8 million in preparation for a clinical trial early next year.

Ionix’s product, the Neuflo System, includes a catheter that inserts electrodes into the prostate, kills cells and relieves pressure on the urethra — a process as known as ablation. The company says the process is a one-time, 30-minute treatment that can take place in the doctor’s office.

“We believe this is the first minimally invasive device that can compete and take market share away from drug treatments,” Chief Executive Officer Kai Kroll said.

The company completed a feasibility trial outside the United States. It plans a pivotal clinical trial in the United States starting in the first few months of 2010. It will likely raise an additional $5 million to complete that trial, Kroll said. Funding so far was raised through angel investors.

The clinical trial should be done by the end of next year. Kroll expects Ionix to seek regulatory approval and begin selling the Neuflo System in 2011.