Acutus Medical Closes Series B Funding at $28 Million
GE Ventures and OrbiMed join Index and Advent in the funding of Acutus Medical's Novel Dipole Density Electrophysiology Mapping System, Generating CT/MRI Quality, Real-Time 3D Images of the Heart Chamber & Electrical Conduction
SAN DIEGO, Aug. 20, 2013 /PRNewswire/ -- Acutus Medical, Inc., a medical device company developing a minimally invasive cardiac catheter for the treatment of irregular heart rhythms, announced today that it has completed a $28 million Series B funding. The round was led by new investor OrbiMed Advisors, LLC along with GE Ventures. Existing investors Index Ventures and Advent Life Sciences also participated in the round. The capital raised will support product development, clinical trials, regulatory approvals and early commercialization.
Currently, atrial fibrillation (AF) is the most common form of cardiac arrhythmia. This heart rhythm disorder affects nearly seven million people in the U.S. and Europe and is expected to double by 2050. Acutus Medical aims to fulfill an unmet clinical need in the market by guiding high quality and low-cost treatment of AF and other forms of complex arrhythmias. The company is developing a real-time 3D Cardiac Chamber Imaging and Dipole Density Mapping system intended to identify the origin of irregular heartbeats, allowing doctors to treat the arrhythmia with pinpoint accuracy.
While other cardiac mapping systems may require larger medical teams, longer procedure times and more complicated analysis, Acutus Medical's System is designed to provide efficient, instantaneous and accurate mapping technology offering a more affordable solution for healthcare providers.
Randy Werneth, CEO, Acutus Medical said, "With the support of OrbiMed and GE Ventures alongside Index Ventures and Advent Ventures, we're able to expand product development of the first clinical evidence-based cardiac mapping / imaging solution that identifies the issues causing irregular heart rhythms. Along with their industry expertise and global network, GE Ventures shares our mutual goal of providing high-quality, more affordable and minimally invasive patient solutions."
Acutus Medical is a San Diego based privately held company established in 2011 and has since grown to a team of 25 dedicated employees.
Noah Lewis, managing director, GE Ventures-Healthcare said, "Acutus Medical's innovative approach to the treatment of complex arrhythmias, based on both medical evidence and scientific data, could drive down costs and positively disrupt the market. GE Ventures is happy to partner with Acutus Medical to improve affordability in healthcare."
Vince Burgess, Acutus Medical's board member and Venture Partner at OrbiMed Advisors, commented "The R&D team at Acutus Medical is exceptional, and we are extremely optimistic about the prospects for this new device to improve patient care. The addition of GE to the investor group is particularly encouraging – given their market and technical expertise in the electrophysiology space."
About Acutus Medical Since June, 2011, Acutus Medical has pioneered a new and novel approach in the minimally invasive Dipole Density Mapping System, Generating CT/MRI Quality, Real-Time 3D Images of the Heart.
Acutus Medical has concentrated its efforts on developing its technology for the treatment of an aberrant arrhythmia, atrial fibrillation (AF). AF is an uncontrollable, rapid heartbeat that results in a significant decline in the quality of life and may lead to serious complications such as stroke or heart failure. Globally, in excess of 10 million people are afflicted with AF. Pharmacological therapy is the most common current treatment option, but it is expensive, often inadequate, palliative in nature, and does not cure AF.
Acutus Medical believes that its technology may eventually play a significant role in improving the lives of countless individuals who are afflicted by AF.
This press release includes forward-looking statements regarding Acutus Medical Cardiac Imaging and Mapping Technology System. Any statement describing Acutus Medical's goals, expectations, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement, including those statements that are described as Acutus goals. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing products and in the endeavor of building a business around such products. Acutus Medical's forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Acutus Medical forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Acutus Medical. As a result, you are cautioned not to rely on these forward-looking statements.