Conformal Medical, a medical device company focused on reducing stroke in patients with atrial fibrillation (AF), today announced it has secured US$85 million in Series C financing.
The financing syndicate included participation from new investors Fidelity Management & Research Company and an undisclosed strategic investor, as well as Catalyst Health Ventures (CHV) and many returning Series A and B investors. Funds will be used to support the company’s US pivotal trial of its novel CLAAS technology, a next-generation solution for sealing the left atrial appendage in patients with AF.
“We are extremely pleased with the strong support of our investment partners, validating the potential of our next-generation technology in the growing LAAC market,” commented Andy Levine, president and CEO of Conformal. “With this significant raise, we look forward to initiating our pivotal trial and taking the next step to establish the CLAAS implant as a cornerstone stroke reduction strategy for patients with AF.”
“Conformal’s innovative approach has the potential to provide tremendous clinical benefit to a large patient population that suffers from AF and therefore is at an increased risk of stroke. Current risk-reduction strategies have significant limitations and leave a clear unmet need in this space,” stated Joshua Phillips, managing partner at Catalyst Health Ventures. “The CLAAS technology provides a differentiated solution and we are excited to strengthen our partnership with this proven team and welcome our new funding partners.”
The CLAAS system features a proprietary foam-based architecture designed to accommodate most anatomies with only two sizes and simplified delivery without the need for procedural transesophageal echo (TEE) allowing physicians to perform LAAC without general anaesthesia. Conformal’s randomised pivotal trial is expected to enrol over 1,300 patients at multiple sites globally beginning in early 2021, to investigate the safety and effectiveness of the CLAAS technology as compared to Boston Scientific’s Watchman products.