UPDATED March 29, 2017, with comment from CardioFocus.
CardioFocus raised $20.2 million in a new round of equity and options financing, according to an SEC filing posted this week.
Money in the round came from 26 unnamed investors, with the first sale logged Feb. 15. Marlborough, Mass.-based CardioFocus said it plans to use the proceeds to expand the commercialization of its flagship device, the HeartLight endoscopic ablation system, and on the development of its next-generation HeartLight Excalibur balloon.
“We are extremely encouraged by the progress that we are seeing with our early commercialization efforts and the physician adoption of HeartLight in the U.S.,” chairman Paul LaViolette said in prepared remarks. “The completion of this financing serves as significant validation of the market’s positive response to the therapy. Further, we are encouraged by the positive feedback we have received to date on the Excalibur balloon and look forward to obtaining European regulatory approval and making the technology commercially available by year end,” LaViolette added.
In January, CardioFocus said it launched a clinical trial of the Excalibur balloon device designed for pulmonary vein isolation procedures.
The company said the next-gen device incorporates the balloon design from its HeartLight endoscopic ablation system alongside a new advanced feature set intended to improve speed and the magnitude of target tissue contact during procedures.
The HeartLight Excalibur balloon includes the company’s proprietary dynamic response technology intended to make the balloon responsive to technique and differing amounts of pressure applied while optimizing vein contact.