Acutus Medical said today that it pulled down $170 million in financing from its Series D offering and a new credit line for the cardiac mapping technology it developed.
In addition to its AcQMap tech to aid in ablation treatment of arrhythmias, Carlsbad, Calif.-based Acutus makes a line of vascular access products. It’s latest financing includes a $100 million Series D offering and a $70 million credit facility, all earmarked for commercialization and business development. AcQMap and its 3D mapping catheter won 510(k) clearance from the FDA in October 2017; expanded CE Mark approval in the European Union and FDA clearance in the U.S. for the second-gen AcQMap followed just last April.
Acutus said the Series D included new backers 8VC, Opaleye Management and Pura Vida Investments and existing investors OrbiMed, Deerfield Management, Advent Venture Partners, Xeraya Capital and GE Ventures.
OrbiMed Credit & Royalties Fund and Deerfield Management floated the credit line, Acutus said.
“This round of financing is a clear demonstration of confidence in our strategic direction and ability to disrupt the electrophysiology space by delivering advanced, innovative technologies to our customers,” CEO Vince Burgess said in prepared remarks. “Advanced imaging, individualized therapy and increased procedural efficiency are needed components to progress the electrophysiology field. We are dedicated to improving every aspect of cardiac ablation, as evidenced by our recent closing of the acquisition of Rhythm Xience to provide a novel suite of products designed to improve the safety and speed of left atrial access.”
“Cardiac ablation is a rapidly growing market and treatment efficiency needs to improve. Many people, including dear friends of ours, have faced these procedures and Acutus’ innovative and effective tools look to add even more safety,” added 8VC founding partner Drew Oetting. “At 8VC we believe in the power of technology and we are passionate about accelerating real and impactful change. We are confident in Acutus’ and the leadership team’s commitment to progressing until every patient has access to trusted, proven technology.”
