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Based in Maple Grove, Minnesota, Francis Medical develops minimally invasive medical devices utilizing water vapor technology to treat prostate, kidney, and bladder cancers. The company's primary product, the Vanquish Water Vapor System, is designed to ablate cancerous tissue through a transurethral procedure while minimizing side effects such as incontinence and erectile dysfunction. The medical device manufacturer operates with venture capital backing, having raised $18 million in Series A funding to support its clinical trials and commercialization efforts. The organization's leadership and board include industry figures such as President and CEO Mike Kujak, Executive Chairman André de Bruin, and Arboretum Ventures managing partner Jan Garfinkle. The enterprise is advancing its oncology therapies toward broader market availability, with its first commercial prostate tissue ablation procedure scheduled for February 2026. Francis Medical was founded in 2018 by Michael Hoey.
Francis Medical has raised $156.9M across 4 funding rounds.
Francis Medical has raised $156.9M in total across 4 funding rounds.
Francis Medical has raised $156.9M across 4 funding rounds. Most recently, it raised $80.0M Series C in January 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 1, 2025 | $80M Series C | — | Arboretum Ventures, Broadview Ventures, Hatteras Venture Partners, Solas BioVentures | Announced |
| Sep 1, 2021 | $55M Series B | — | Arboretum Ventures, Broadview Ventures, Hatteras Venture Partners, Solas BioVentures | Announced |
| Sep 29, 2020 | $3.9M Venture Round | — | — | Announced |
| Dec 13, 2018 | $18M Series A | — | — | Announced |
Francis Medical has raised $156.9M in total across 4 funding rounds.
Francis Medical's investors include Arboretum Ventures, Broadview Ventures, Hatteras Venture Partners, Solas BioVentures.
Francis Medical is a medical device company developing the Vanquish® Water Vapor Ablation System, a minimally invasive therapy for treating localized intermediate-risk prostate cancer using thermal energy from sterile water vapor.[1][2][3] The system targets cancerous prostate tissue via a simple transurethral outpatient procedure, aiming to ablate tumors while minimizing side effects like urinary incontinence and erectile dysfunction common in traditional treatments such as surgery or radiation.[1][2][3] It serves patients with low-to-intermediate risk prostate cancer, offering an alternative to active surveillance or aggressive interventions, with plans to expand to bladder and kidney cancers.[1][2] The company achieved FDA 510(k) clearance on December 2, 2025, for prostate tissue ablation, supported by promising early data from the VAPOR 2 multi-center pivotal study (n=235), where 12-month results on the first 110 patients showed positive outcomes in cancer management and patient satisfaction.[3][7]
Growth momentum includes a $18 million Series A funding round in December 2018 led by Arboretum Ventures, with participation from H2Oey Ventures, Tonkawa, and Boston Scientific, fueling development and clinical trials.[4] Post-clearance, Francis Medical is pursuing international approvals and long-term VAPOR 2 follow-up through five years to solidify its role as a first-line therapy.[1][3]
Francis Medical was formed in May 2018 in Minneapolis, Minnesota, as a tribute to founder Michael Hoey's father, Francis Hoey, who died from prostate cancer after enduring harsh side effects from conventional treatments.[1][4] Michael Hoey, a serial inventor and entrepreneur serving as chief technology officer, pioneered water vapor thermal ablation technology; his prior company, NxThera, was acquired by Boston Scientific for $306 million upfront plus up to $100 million in milestones.[4] The idea emerged from Hoey's success with water vapor for benign prostatic hyperplasia (BPH)—notably Boston Scientific's 2018 acquisition of Rezum—repurposed for cancerous urological conditions starting with prostate cancer.[1][4]
Early traction came swiftly with the $18 million Series A launch, enabling clinical advancement.[4] Key milestones include the VAPOR 2 study's completion of enrollment and publication of 12-month data in 2025, alongside FDA clearance in December 2025.[3][7] Dr. Christopher Dixon, Chief Medical Officer, has championed the technology's potential to balance cancer control with quality of life.[1]
Francis Medical rides the wave of advancing prostate cancer diagnostics—improved imaging, biopsies, and patient advocacy—enabling focal therapies over whole-gland treatments for the one-in-eight men facing this disease.[2][3] Timing aligns with demand for tissue-preserving options amid rising intermediate-risk diagnoses, where active surveillance risks progression and aggressive therapies impair function.[1][2] Market forces favor it: FDA clearance unlocks U.S. commercialization in a sector dominated by high-side-effect incumbents, while clinical data positions water vapor as a potential standard.[3][7]
The company influences medtech by validating convective water vapor ablation, inspiring extensions to other urological cancers and minimally invasive oncology trends, potentially disrupting surveillance-to-treatment pathways.[1][4][6]
With fresh FDA clearance, Francis Medical is poised for commercial launch, leveraging VAPOR 2's ongoing five-year data to drive adoption as a go-to therapy for intermediate-risk prostate cancer.[3][7] Next steps include international expansions and pipeline growth into bladder/kidney indications, fueled by its investor-backed foundation.[1][4] Trends like precision oncology, AI-enhanced imaging, and value-based care will amplify its trajectory, evolving it from prostate pioneer to urological cancer leader—delivering on its promise to be tough on cancer, gentle on patients.[1][2]
