Funding Will Accelerate Commercialization and Facilitate
Global Business Development Activities
CARLSBAD, California,
June 20, 2019 /PRNewswire/ -- Acutus
Medical today announced $170 million
in financing, including a $100
million Series D equity financing and a $70 million credit facility. The funding is
intended to accelerate commercialization and facilitate global
business development activities as the company continues to
transform arrhythmia care through distinct, innovative technologies
designed to provide physicians and patients with improved
results.
The Series D equity financing round includes new investors 8VC,
Opaleye Management, Pura Vida Investments, among others. The round
also included strong participation from existing investors
including OrbiMed, Deerfield Management Company, Advent Venture
Partners, Xeraya Capital and GE Ventures. The credit facility was
provided by OrbiMed Credit and Royalties Fund, and Deerfield
Management.
Acutus provides next-generation electrophysiology technology
solutions that enable personalized and adaptive approaches to
therapy. Acutus' AcQMap is the first and only cardiac imaging
and mapping system that incorporates precision ultrasound atrial
anatomy reconstruction and highly reproducible, high-definition
non-contact charge density mapping. The system also provides
workhorse contact mapping capabilities, available in Europe. AcQMap's increased clarity of
arrhythmia pattern mapping aids in the development of patient
specific ablation strategies. Unique to this system, physicians can
rapidly remap and confirm the impact of each ablation.
Tens of millions of people worldwide suffer from cardiac
arrhythmias.1 Arrhythmias cause the heart to beat too
quickly, slowly or erratically, which can result in debilitating
symptoms and, in some instances, fatal consequences.2
According to the Centers for Disease Control and
Prevention (CDC), as many as 6.1 million Americans may be
living with the most common type of arrhythmia, atrial fibrillation
(AF), which incrementally costs the
United States approximately $26
billion each year.3 Acutus' focus is treating and
reducing the burden of atrial arrythmias through cardiac access,
diagnostics, monitoring and innovative mapping and visualization
technology. Recent clinical science shows that cardiac ablation of
atrial arrhythmias within six months of diagnosis results in better
patient outcomes.4
"This round of financing is a clear demonstration of confidence
in our strategic direction and ability to disrupt the
electrophysiology space by delivering advanced, innovative
technologies to our customers," said Vince
Burgess, CEO, Acutus Medical. "Advanced imaging,
individualized therapy and increased procedural efficiency are
needed components to progress the electrophysiology field. We are
dedicated to improving every aspect of cardiac ablation, as
evidenced by our recent closing of the acquisition of Rhythm Xience
to provide a novel suite of products designed to improve the safety
and speed of left atrial access."
Proceeds from the announced financing will allow Acutus to
increase market availability of the Company's FDA and CE marked
AcQMap™ products as well as a suite of FDA-cleared,
EP-designed vascular access products – AcQCross QX, AcQGuide Flex™
and AcQGuide Mini™.
"Cardiac ablation is a rapidly growing market and treatment
efficiency needs to improve. Many people, including dear friends of
ours, have faced these procedures and Acutus' innovative and
effective tools look to add even more safety," said Drew Oetting, Founding Partner, 8VC. "At 8VC we
believe in the power of technology and we are passionate about
accelerating real and impactful change. We are confident in Acutus'
and the leadership team's commitment to progressing until every
patient has access to trusted, proven technology."
References
1 Chugh S et al.
Circulation. 2014, 129(8):837-47.
2 Why Arrhythmia Matters. Retrieved from
https://www.heart.org/en/health-topics/arrhythmia/why-arrhythmia-matters
3 Kim M et al. Circulation: Cardiovascular Quality
and Outcomes. 2011, 4(3).
4 Bunch TJ et al. Heart Rhythm. 2013,
10:1257-1262.
About Acutus Medical
Acutus Medical is a dynamic
arrhythmia care company focused on developing distinct, innovative
technologies designed to provide physicians and patients with
improved results. At Acutus, we know that seeing is better than
believing. Diagnosing and treating patients with atrial arrhythmias
requires eliminating the unknown. Acutus' advanced cardiac imaging
and mapping system provides real-time arrhythmia visualization
displaying the heart's true activation pattern, turning the chaos
of an atrial arrhythmia into a clear vision for
electrophysiologists. Founded in 2011, Acutus is based in
Carlsbad, California.
Logo -
https://mma.prnewswire.com/media/811576/Acutus_Logo.jpg