Conformal Medical has announced the successful completion of its series D funding round, raising a total of $35 million. The company is developing the CLAAS system, which it describes as a next-generation left atrial appendage occlusion (LAAO) technology
“SPRIG Equity is focused on enabling transformative medical technology companies to achieve meaningful milestones, and more importantly, improve the quality of human life,” said Evan Norton, managing partner of SPRIG Equity. “We see the investment in Conformal Medical as an opportunity to accelerate innovation in the LAAO market, which is of strategic importance to major medtech players.”
The financing round is the first to take place since the initiation of the CONFORM clinical trial, the company’s pivotal trial evaluating the safety and efficacy of the CLAAS system compared to other commercially available LAAO devices in support of US Food and Drug Administration (FDA) premarket approval. The CLAAS system is designed to seal the left atrial appendage (LAA) in patients with non-valvular atrial fibrillation (AF) to reduce the risk of stroke without the need for anticoagulants.
“Conformal Medical is committed to bringing the innovative CLAAS system to the large and rapidly growing LAAO market in the USA,” said James Reinstein, CEO. “The Series D funding provides us the resources to complete enrolment in the CONFORM trial, drive iterative development projects, and broaden the clinical experience of the CLAAS system in expanded geographies. We are thrilled with the ongoing support of our investors and welcome SPRIG Equity in recognising the significant market opportunity and the potential advantages our system can provide.”
Conformal Medical’s proprietary CLAAS technology features a foam-based architecture designed to conform to a broad range of LAA anatomies with only two sizes. The CLAAS device further aims to simplify the procedure by allowing off-axis positioning while providing a more uniform seal.
The CLAAS implant may also be able to eliminate the need for procedural transoesophageal echocardiogram so that physicians may perform the procedure without general anaesthesia.