Field Medical has closed its oversubscribed seed round with investments totalling US$14million.
The convertible note funding was led by private investors who were joined by multiple strategic investors. This financing will support preclinical-to-clinical development activities including first-in-human studies planned for early 2024.
Field Medical is developing a second-generation pulsed field ablation (PFA) system for the cardiac catheter ablation market. The company was founded in 2022 by Steven Mickelsen, the founder of Farapulse which was acquired by Boston Scientific in 2021.
The company’s core products—the FieldForce catheter and the FieldForce generator—use proprietary technology called FieldBending, which is intended to overcome limitations of first-generation PFA technologies and address a huge unmet need to treat any cardiac arrhythmia while expanding capabilities to also treat complex ventricular arrhythmias.
“Steven Mickelsen is a renowned cardiac electrophysiologist and is known as the father of cardiac pulsed field ablation,” said lead investor Tajar Varghese. “He and the team at Field Medical are poised to revolutionise the cardiac ablation market with the next evolution of this technology, and I fully believe they will do just that.”
“At Field Medical our goal is to be the industry leader in pulsed field catheter ablation by building technology that physicians need and patients deserve. In today’s uncertain investment climate, we are thrilled to have attracted such strong attention from the investor community and strategic partners,” said Mickelsen. “I credit the talented team at Field Medical for forming the vanguard of our innovation and moving the project forward at an incredible pace.”
Field Medical anticipates sharing preliminary clinical results in mid-2024.