CircuLite Pulls in $30M for Heart Device

Xconomy New York — 

Saddle Brook, NJ-based CircuLite announced today that it has raised $30 million in an oversubscribed Series D financing round. The company said in a statement that it will use the proceeds to support the anticipated 2012 European launch of a device it dubs “the world’s smallest surgically implanted blood pump,” which is used to treat patients with heart failure. The device, called Synergy, is a pump roughly the size of a AA battery that boosts the heart’s ability to circulate blood to vital organs. The funding will also be used to support the U.S. development of Synergy, the company said.

The financing round was led by new investor MacAndrews & Forbes Holdings and founding VC Forbion Capital Partners. CircuLite’s other investors include Crédit Agricole Private Equity, Saints Capital, Foundation Medical Partners, and SB Life Science Ventures. CircuLite raised $69 million in three previous funding rounds.

CircuLite was founded in 2004 with a focus on developing minimally invasive devices to treat patients with life-threatening heart conditions. The company is working on next-generation Synergy micro-pumps, and it has a grant from the National Institutes of Health to collaborate with the University of Maryland School of Medicine on devices to treat children with heart conditions.