CryoMedix said it’s raised $500,000 of a hoped-for $12 million Series B round for the cryoablation platform it’s developing.
San Diego-based CryoMedix is working on a device that uses single-phase liquid coolants, a feedback system, disposable catheter/needles and a rechargeable cartridge system to ablate tissue, according to its website.
The equity round so far involves a single, unnamed investor, according to a regulatory filing. A Series A round and the founders of CryoMedix, including CEO William Nydam, funded the company
"The superior power and capability of CM’s technology has been demonstrated in a number of animal studies done on behalf of other companies as well as in an animal study performed at the University of San Diego Medical Center by Greg Feld MD, Chairman of the UCSD Electrophysiology Department. This latter study confirmed the ability to create transmural linear lesions of up to 8 cm in length in the heart with none of the safety concerns associated with heat ablation," according to the CryoMedix website.
"Additional expected benefits of this technology are the improved clinical outcomes, the ability to consistently attain this superior clinical result through the use of the feedback system, the significant reduction in the procedure time and the substantially lower cost of manufacturing the disposable component of the device," CryoMedix said.