The funding will be used to carry out prostate cancer studies over the next five years.
More than 40,000 men will be recruited in the prostate cancer trials to determine solutions for early diagnosis and treatment.
May said: “Our cancer treatments are world class and survival rates are at a record high, but prostate cancer still claims thousands of lives every year.
“I know we can do more. That’s why I am setting out new plans to help thousands of men get treated earlier and faster.”
The plans to combat prostate cancer were announced after the Prime Minister confirmed that the government will announce a fully funded and long-term plan for the NHS, which is celebrating 70 years of service.
May further said: “Now in its 70th year, our NHS has a bright future – since last November, we have already committed £10 billion in new funding, including a new pay deal for one million NHS workers.
“In fact, as part of our balanced approach to managing the economy we have increased spending on the health service every year since 2010.”
The new studies will focus on higher risk groups, including black men and men aged 50 or over, as well as men with a family history of prostate cancer.
Black men will be recruited in the trials, as one in four of them will develop the disease.
The patients will be enrolled in more than 60 prostate cancer studies for testing treatments, comprising of more precise radiotherapy, high-intensity focused ultrasound, cryotherapy,
In addition, the trials include supportive interventions such as exercise and dietary advice.
The National Institute for Health Research (NIHR) will take the support NHS, life sciences industry, charities and research funders to enroll 40,000 men in the studies.