Medical device company Advanced Cardiac Therapeutics has raised an undisclosed amount of funding in a round led by New Enterprise Associates. Previous backer NBGI Ventures was also an investor. In conjunction with the funding, ACT has added Justin Klein, a partner at NEA, to its board of directors. Also, Ajax Vascular CEO has been named chairman of the board while VytronUS CEO Mike Pederson joins the board as an independent director.
MENLO PARK, Calif., April 18, 2014 /PRNewswire/ — Advanced Cardiac Therapeutics, Inc. (“ACT”), a medical device company that is developing a novel, temperature-sensing, irrigated, radiofrequency (RF) ablation catheter for treatment of cardiac arrhythmias, announced today the completion of a new round of equity financing as well as several key appointments to its Board of Directors. The financing, which was led by New Enterprise Associates (“NEA”) and supported by existing investor, NBGI Ventures, will enable the Company to continue to advance its next generation TempaSure™ ablation catheters and related clinical development program.
In conjunction with the closing of the financing, ACT has made several key appointments to its Board of Directors. Justin Klein, Partner at NEA, has joined the Company’s Board of Directors, along with Duke Rohlen, CEO at Ajax Vascular, who joins as the newly appointed Chairman of the Board. In addition, Mike Pederson, CEO of VytronUS and former VP & General Manager of Electrophysiology at Boston Scientific, has joined the Board as an independent director, and will work alongside current independent director, Roy Tanaka, the former the President of J&J Biosense Webster.
“We are fortunate to have Dr. Klein, Mr. Rohlen, and Mr. Pederson join ACT’s Board of Directors. Their extensive investment and operating experience in the cardiovascular medical device industry will add valuable perspective to the Company as we move forward into our next phase of development,” said Bill Olson, who will transition from CEO of ACT to an independent director on the Company’s Board of Directors.
Commenting on NEA’s investment, Dr. Klein stated, “We have closely followed the rapidly changing field of atrial fibrillation ablation and believe that ACT’s proprietary TempaSure™ technology offers an innovative advancement in lesion creation and assessment that has the potential to improve clinical outcomes and procedure economics through enhanced accuracy and safety.”
“Having seen the challenges associated with RF ablation over the last two decades, I’m excited to see a technology emerge that directly addresses the issue of real-time lesion assessment for catheter ablation,” said Mike Pederson. “With promising early clinical results to support this novel technology, extensive intellectual property, and commitment to rigorous clinical science, we believe the Company is well-positioned to build a valuable new franchise opportunity in electrophysiology,” added Duke Rohlen, newly appointed Chairman of the ACT Board of Directors.
Irrigated RF ablation catheters have become a mainstay device for treatment of atrial fibrillation and other cardiac arrhythmias. The introduction of catheter tip irrigation over a decade ago has allowed for safe use of higher energy levels resulting in improved outcomes, but impacted the ability of electrophysiologists to accurately control and assess tissue temperature, and by extension, maximize safe and effective lesion creation. ACT’s TempaSure™ enabled irrigated RF ablation catheter leverages patent-protected microwave radiometry, which is not affected by saline irrigation, to accurately predict volumetric tissue temperature with a goal of restoring the clinician’s ability to monitor lesion formation in real-time for a safer, more efficacious procedure.
ABOUT ATRIAL FIBRILLATION
According to the Heart Rhythm Society, atrial fibrillation is the most common sustained heart rhythm disorder with an estimated 12.5 million people worldwide who suffer from symptomatic AF. In atrial fibrillation, the electrical signals that coordinate contractions of the heart become rapid and disorganized, resulting in an irregular heartbeat that can increase the risk of stroke by fivefold. It is estimated that the global market for medical devices used in cardiac arrhythmia ablation, including diagnostic and ablation catheters as well as mapping and navigation systems exceeded $2.6 billion in 2013 with over 300,000 patients undergoing catheter and surgical ablations for treatment of AF.
ABOUT ADVANCED CARDIAC THERAPEUTICS
Advanced Cardiac Therapeutics, Inc., is a medical device company focused on developing an innovative temperature-sensing irrigated RF ablation catheter for treatment of cardiac arrhythmias. ACT’s TempaSure™ technology features proprietary microwave radiometry technology that can accurately assess volumetric temperature in the heart in real time so that physicians can more precisely control and predict lesion formation for improved clinical outcomes. The Company is developing catheters for a range of ablation procedures, including atrial fibrillation, one of the fastest growing market opportunities in the medical device industry.
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $14 billion in committed capital, the firm invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. NEA’s long track record of successful investing includes more than 175 portfolio company IPOs and more than 300 acquisitions. For additional information, visit www.nea.com.