California’s EBR Systems said it raised $20 million for its wireless pacing device in a funding round joined by a former Medtronic (NYSE:MDT) executive and an unnamed "cardiovascular corporate strategic investor."
The former Medtronic exec is Stephen Mahle, who once led the device giant’s cardiac rhythm managemnt division. Dr. Thomas Fogarty, whose Emergent Medical Partners is serving as lead investor, also participated, along with current backers Split Rock Partners, SV Life Sciences, Delphi Ventures and St. Paul Venture Capital, EBR said.
"We are pleased to have the support of some of medical technology’s most successful investors and the strong validation provided by our corporate investor. We look forward to further demonstrating the clinical effectiveness of our wireless pacing in the coming months," chairman & CEO Allan Will said in prepared remarks.
The Sunnyvale-based company said it plans to use the funding for clinical work with an eye toward obtaining CE Mark approval in the European Union. Execs will also seek an investigational device exemption from the FDA for the device, a cardiac resynchronization device designed to eliminate the need for leads connecting the device to the heart.
EBR said it’s already developing a small and more energy-efficient 2nd-generation system.
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