CAMPBELL, Calif., Jan. 13, 2015 /PRNewswire/ -- Apama Medical, Inc., a privately held medical device company focused on the development of next-generation atrial fibrillation technologies, today announced raising $11.0M in the first tranche of its $17.5M Series B financing. Apama Medical is a portfolio company incubated out of Shifamed, LLC.
The funding was led by Ascension Ventures, a strategic healthcare venture fund that offers the unique perspective of both healthcare provider and venture investor. Ascension Ventures was founded by Ascension Health, the largest nonprofit healthcare system in the US. Medvance Incubator Partners, ONSET Ventures and Incept, LLC also participated in the round, along with angel investors. The deal will expand the Board of Directors to include representatives from the aforementioned firms. Apama is also supported with an existing National Science Foundation grant.
"The Series B financing is a significant milestone event for Apama," shared Amr Salahieh, Founder and Chairman of Shifamed. "This financing allows Apama to transition to the next phase of development, graduate from the Shifamed Incubator, and become a well-financed, standalone Company with an opportunity to drive significant innovation in the atrial fibrillation space."
Apama Medical is focused on the electrophysiology market and offers a vastly superior catheter-based solution for the fastest growing market segment, atrial fibrillation (AF) ablation, which is expected to reach $1.7 billion in 2017.
"Ascension Ventures is excited about the clinical advantages that Apama's unique platform can provide in the AF ablation market," stated Tara Butler, M.D., Managing Director at Ascension Ventures. "We have a strong history of supporting promising medical technology in growing markets and we look forward to backing Apama as it progresses toward clinical validation and commercialization."
Mr. Salahieh will serve as the fulltime CEO of Apama while the company focuses on bringing its AF platform to market. To further enhance Apama's executive bench, the company is also pleased to announce the appointment of Gregory D. Casciaro as the Executive Chairman of its Board of Directors. Most recently, Mr Casciaro was the President & CEO of AccessClosure, Inc. through its acquisition by Cardinal Health.
About Apama Medical
Apama Medical is a privately held medical device company formed by Shifamed LLC, a Silicon Valley based medical device incubator. Apama is focused on the rapidly growing electrophysiology (EP) market in which mapping and ablation is estimated to reach $2.0B in 2017.
For more information please visit www.apamamedical.com.
Shifamed LLC is a privately held medical technology incubator focused on developing new medical products from concept to commercial release.
To learn more about Shifamed, please visit www.shifamed.com.
SPRIG Consulting LLC
SOURCE Apama Medical