The Durham, N.C.-based company said that BSX led the round and was joined by Hatteras Venture Partners, Synergy Life Science Partners, Lord Baltimore Investment Partners, Mountain Group Capital and Sovereign’s Capital.
NeuroTronik is developing a novel neuromodulation device designed to treat hospitalized heart failure patients. The device functions by stimulating the cardiac autonomic nerve via a NeuroCatheter, which is temporarily placed in a vein just above the heart. The catheter works in combination with a separate, bedside neuromodulation unit.
“Our team has made substantial progress in the development of NeuroTronik CANS Therapy. The results from our clinical work thus far are highly-encouraging as to safety, efficacy, and ease-of-use. We are now prepared for our next steps in clinical investigation,” NeuroTronik CTO Steve Masson said in a press release.
The round will fund the company through its pursuit of CE Mark approval in the European Union, NeuroTronik said.
“Physicians need better therapy tools to treat Acute Heart Failure in the hospital. With the achievement of our Series A milestones and through subsequent work, our team has demonstrated that NeuroTronik CANS Therapy holds considerable promise to be a unique and valuable tool for physicians for use in this clinical setting,” NeuroTronik CEO Fred McCoy said in a prepared statement.