Acutus Medical, a suburban San Diego medical device maker with new technology for diagnosing and treating irregular heartbeats, said today it has closed on $75 million in Series C funding.
The all-equity round includes new investors Deerfield Management, Xeraya Capital, and an undisclosed strategic investor. Advent Life Sciences, the company’s founding investor, also joined the round, along with existing backers OrbiMed and GE Ventures. The transaction brings the company’s total funding to $125 million, Acutus CEO Randy Werneth said by phone yesterday.
Acutus, based in Carlsbad, CA, about 35 miles north of downtown San Diego, says its AcQMap technology provides a 3-D, high-resolution image of the heart’s interior, and maps its electrical activity. Acutus creates this computerized map by threading a sensor-laden “basket” catheter through a major blood vessel and into the heart.
“We have a system and technology that is evidence-based,” Werneth said, explaining that the device can pinpoint the origin of irregular electrical signals for doctors in real-time. Heart doctors also can use the AcQMap to guide the tip of another catheter to the site, enabling them to precisely zap heart tissue with radio energy that cauterizes the spot—forming scar tissue that silences the irregular electrical impulse.
The AcQMap generates a new map of the heart after each burst of radio energy, enabling doctors to confirm how the treatment has changed the electrical signals. In a statement this morning, the company says, “This real-time feedback loop can continue until the [electro-physiologist] is satisfied that the therapy and the procedure have been successful.”
Boston Scientific, St. Jude Medical, Abbott, and others are developing competing technologies.
Acutus plans to use the additional financing “to finish our product development and build out our sales force in Europe,” Werneth said. Acutus has been awaiting regulatory approval for AcQMap in Europe, and has been planning its commercial launch there later this year.
The company plans to seek regulatory approval in the United States in early 2017, he added.