In Maple Grove, Minnesota, a medtech startup is turning heads with a bold idea — treating prostate cancer with steam. Francis Medical has already raised $160 million and hopes to bring in $100 million more as it gears up for a public offering in 2028.
Their innovation? A device called Vanquish that uses targeted water vapor ablation to kill cancer cells. Unlike surgery or radiation, this method aims to protect the healthy tissue around the prostate. The result: fewer side effects and better recovery.
For Michael Hoey, the company’s founder and chief technology officer, the mission is deeply personal. His father suffered greatly from prostate cancer treatment before passing away. That loss stayed with Hoey. So, when the time came to name his new company, he didn’t go with a tech-heavy term. Instead, he chose Francis Medical in memory of his dad.
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The company’s vision is simple: treat cancer effectively while preserving quality of life. Traditional prostate cancer treatments can impact a man’s ability to urinate, have bowel movements, or enjoy sex. Vanquish was built to change that.
In Francis Medical’s modest office — far from Silicon Valley glitz — engineers work on a device that looks more like a game controller than a surgical tool. It’s designed to deliver bursts of steam directly to the tumor. This heat destroys cancer cells without cutting or radiation.
The idea first sparked over 20 years ago. Hoey was working on a car engine and noticed how cold it got when water vapor passed through it. That strange moment led him to wonder: could vapor be used to treat tumors safely?
Now, the startup has real momentum. The FDA granted Vanquish a Breakthrough Device Designation in 2023. This status speeds up the review process for devices that offer major improvements over existing treatments.
CEO Mike Kujak says the goal is to offer a real alternative. “God did not design the prostate to come out of the body,” he explains. That belief shapes the company’s approach — preserve the organ and fight cancer with less damage.
Francis Medical spun out of NxThera, Hoey’s earlier startup, which Boston Scientific acquired in 2018. That history helped attract big medtech investors who are now betting on Vanquish to change the game.
Marketing director Richard Hill says the device focuses on treating cancer aggressively without harming the patient’s dignity or daily life. In his words, “It’s about doing less damage while doing more good.”
Prostate cancer affects one in eight men and kills roughly one in 44. But experts warn it’s often overdiagnosed and overtreated. Francis Medical wants to offer a smarter, safer middle ground — a treatment that works but doesn’t destroy quality of life in the process.
With more trials ahead and regulatory approval still needed, the road isn’t easy. But the team at Francis Medical believes their steam-powered solution could change how prostate cancer is treated — and improve lives in the process.
In an unassuming strip mall in Maple Grove, Minnesota, a medtech startup is working on a breakthrough that could redefine how prostate cancer is treated. Francis Medical, a company named in memory of its founder’s father, is developing a novel way to destroy cancer cells using just water vapor — and it’s already secured around $160 million in funding from some of the industry’s biggest players. Now, it’s aiming to raise another $100 million as it gears up for an IPO by 2028.
The technology behind Francis Medical is both simple and revolutionary. The startup’s device, known as Vanquish, uses targeted steam ablation to treat prostate cancer with minimal side effects. Unlike traditional methods like surgery or radiation, which often harm surrounding tissues and lead to long-term complications, Vanquish is designed to be gentle yet effective.
Michael Hoey, the company’s founder and chief technology officer, knows firsthand the toll current treatments can take. His father battled prostate cancer and endured painful side effects before eventually succumbing to the disease. That experience became the driving force behind Hoey’s mission to create a better option. “It never left me,” he said.
Rather than opt for a flashy tech name, Hoey let his team choose the name Francis Medical, honoring his late father. It’s a reminder of the human side of their innovation — and why the team is so focused on preserving quality of life for patients.
At the company’s headquarters, engineers are building and testing the Vanquish system. The device, which resembles a video game controller, delivers precision-controlled steam to target cancerous tissue without the invasiveness of surgery. It’s a big leap forward in a field that hasn’t seen many patient-friendly advances in decades.
Chief Marketing Officer Richard Hill explained that one of Vanquish’s key benefits is helping men avoid the devastating side effects of prostate removal, such as urinary and sexual dysfunction. “The goal is to treat the cancer aggressively while preserving what makes life worth living,” Hill noted.
Francis Medical isn’t starting from scratch. The company spun out from NxThera, Hoey’s earlier venture, which was acquired by Boston Scientific in 2018. That deal laid the groundwork for Francis Medical’s next chapter — and helped attract major medtech backers eager to see the new vapor-based treatment succeed.
In 2023, the U.S. Food and Drug Administration granted Vanquish a Breakthrough Device Designation, fast-tracking its path to regulatory approval. This recognition is reserved for technologies with the potential to treat life-threatening conditions more effectively than existing options.
The startup’s CEO, Mike Kujak, summed up the company’s ethos with a bold statement: “God did not design the prostate to come out of the body.” That belief is core to Francis Medical’s approach — to treat cancer without unnecessarily harming the organ.
While prostate cancer is one of the most common cancers among men, affecting about 1 in 8, the conversation around its treatment has grown more complex. Some researchers argue it’s often overdiagnosed and overtreated. Francis Medical hopes its steam therapy offers a middle ground — effective treatment with fewer consequences.
The idea took shape over 20 years ago when Hoey had a spark of inspiration from an unlikely place — the intake runner of a car engine. He was amazed at how quickly water vapor cooled down the metal. That moment sparked a question that would eventually lead to Vanquish: Could steam safely and effectively treat tumors?
Now, with clinical trials and regulatory milestones on the horizon, Francis Medical is pushing forward. The company believes Vanquish could soon offer patients a gentler yet powerful option in the fight against prostate cancer.
