MedLumics has announced that it has closed an €18 million (US$21.7 million) financing round and has appointed Rich Ferrari as Chairman of the Board of Directors.
The company is developing AblaView, an optically-guided real-time ablation catheter system for the treatment of atrial fibrillation (AF). The optical catheter displays lesion creation in real-time providing the physician with direct visual confirmation of conduction tissue denaturation.
Kurma Partners joined the round which includes and was initially led by Asabys Partners, along with new investors, VI Partners Swiss Innovation and CDTI Innvierte Economía, and existing investors Andera Partners, Caixa Capital Risc and Innogest Capital II. Having achieved pre-clinical feasibility in 2020, these proceeds will now enable MedLumics to initiate first in-human regulatory clinical studies and automate scalable product manufacturing.
Concurrent with the financing, Medlumics welcomes venture capital investor Rich Ferrari as new Chairman of the Board of Directors.
Commenting on the news, James Greene, CEO of MedLumics, said: “We are very pleased to have received funding from such a strong investment syndicate and I am delighted to welcome Rich Ferrari as Chairman to our Board. We are honoured to have attracted someone of his calibre and look forward to benefiting from his impressive experience to support MedLumics as we progress through our development towards market entry. I would like to give heartfelt thanks to Olivier Litzka for his advice and guidance these past years and we are very grateful for his continued support as Vice Chairman of the Board.”
Olivier Litzka, Partner at Andera Partners, commented: “We have seen an intensive and exciting period between 2017 and 2020, in which Medlumics has masterminded technically one of the most difficult to accomplish challenges in the electrophysiology lab by delivering a catheter which is capable of performing real-time lesion assessments during AF ablation. Following this achievement, we are in a favourable position to have attracted Rich Ferrari, an accomplished medtech entrepreneur, executive, board member and investor, and we look forward to moving towards clinical proof of concept under his Chairmanship.”
Rich Ferrari, newly appointed Chairman, added: “I am very excited to be joining such a competent team and board of directors. The Medlumics technology has the potential to greatly enhance clinical outcomes by providing real time feedback on constant contact of the ablation and visual display of the depth and conductivity of the tissue.”