Acutus Medical said today that it closed a Series C funding round worth $75 million for the AcQMap 3D cardiac mapping technology it’s developing – including a contribution from an unnamed strategic investor.
Carlsbad, Calif.-based Acutus said participants in the round included new backers Deerfield Management, Xeraya Capital and the undisclosed strategic; prior investor Advent Life Sciences also participated.
Acutus, which pulled down a $26 million Series B round in September 2014, said it plans to use the proceeds from the C round to develop a full suite of products for catheter-based procedures, expand its clinical program and build out its sales force in the U.S. and Europe ahead of commercialization. The company won CE Mark approval in the European Union for its Katheter device in April 2014.
“The rapid pace of progress in the past few years has brought Acutus from an early stage start-up to a company on the verge of a commercial launch,” president & CEO Randy Werneth said in prepared remarks. “That progress has energized our existing syndicate of top-tier investors and financial partners, while attracting the participation of new, world-class investors to participate in the next critical stages of the company. Their support and shared vision for the company are essential for us to complete our regulatory and clinical milestones in preparation for commercialization.”
“The Acutus Medical AcQMap technology has the potential to play an important role in the detection and treatment of atrial fibrillation,” added Deerfield partner Steve Hochberg. “Presently, EPs are only able to map the inside of the heart chamber by actually touching the heart wall with a catheter one location at a time. This limitation prevents the EP from truly seeing the AFIB in a complete, full chamber, high-resolution view, leading them to treat the patient via an empirically-based approach versus an evidence-based approach. AcQMap allows EPs, for the first time, to see a 3-dimensional, high-definition view of the heart chamber and its electrical activity in real-time, helping them to make critical treatment decisions based on clear evidence of the abnormality causing the arrhythmia.”