Advanced Cardiac Therapeutics, a medical device company that is developing a novel, temperature-sensing, irrigated, radiofrequency ablation catheter for treatment of cardiac arrhythmias has announced the completion of a new round of equity financing for its technology.
The financing, which was led by New Enterprise Associates and supported by existing investor, NBGI Ventures, will enable the company to continue to advance its next generation TempaSure ablation catheters and related clinical development programme.
In conjunction with the closing of the financing, the company announced several appointments to its Board of Directors. Justin Klein, Partner at New Enterprise Associates, has joined the company’s Board of Directors, along with Duke Rohlen, CEO at Ajax Vascular, who joins as the newly appointed chairman of the Board. In addition, Mike Pederson, CEO of VytronUS and former vice president and general manager of Electrophysiology at Boston Scientific, has joined the Board as an independent director, and will work alongside current independent director, Roy Tanaka, the former the president of J&J Biosense Webster.
“We are fortunate to have Dr Klein, Mr Rohlen, and Mr Pederson join Advanced Cardiac Therapeutics’ Board of Directors. Their extensive investment and operating experience in the cardiovascular medical device industry will add valuable perspective to the company as we move forward into our next phase of development,” says Bill Olson, who will transition from CEO of Advanced Cardiac Therapeutics to an independent director on the company’s Board of Directors.
Commenting on New Enterprise Associates’ investment, Klein says, “We have closely followed the rapidly changing field of atrial fibrillation ablation and believe that Advanced Cardiac Therapeutics’ proprietary TempaSure technology offers an innovative advancement in lesion creation and assessment that has the potential to improve clinical outcomes and procedure economics through enhanced accuracy and safety.”
“Having seen the challenges associated with radiofrequency ablation over the last two decades, I am excited to see a technology emerge that directly addresses the issue of real-time lesion assessment for catheter ablation,” says Pederson. “With promising early clinical results to support this novel technology, extensive intellectual property, and commitment to rigorous clinical science, we believe the company is well-positioned to build a valuable new franchise opportunity in electrophysiology,” added Rohlen, newly appointed chairman of the Board of Directors.
TempaSure comprises a temperature-sensing irrigated radiofrequency ablation catheter for treatment of cardiac arrhythmias. It features proprietary microwave radiometry technology that can accurately assess volumetric temperature in the heart in real time so that physicians can control and predict lesion formation for improved clinical outcomes.