Advanced Cardiac Therapeutics Completes $5 Million Financing
LAGUNA BEACH, California, January 11 -- Advanced Cardiac Therapeutics, Inc. ("ACT"), a developer of advanced irrigated cardiac ablation systems, announced today that it has completed a $5 million 'Series B' equity financing. The financing was led by NBGI Ventures, a venture capital firm specialized in medical technology investments, and is expected to fund commercialisation in Europe.
ACT was founded in 2007 to develop a novel irrigated radiofrequency cardiac ablation catheter with a diagnostic application of established microwave radiometry technology in association with the founder of the technology, Dr Kenneth Carr, and an experienced catheter development partner, Contract Medical International, based in Dresden, Germany.
Cardiac catheter ablation procedures are used to treat a variety of cardiac arrhythmias including Atrial Fibrillation (AF), which is estimated to affect over five million people in the USA and Europe. The procedures involve advancing a catheter into the heart and selectively ablating certain areas of tissue in order to prevent the spread of electrical signals that give rise to the arrhythmia. Most catheter ablation procedures are now conducted with irrigated catheters, in which saline is pumped through the tip during the application of energy, in order to prevent the tip from overheating and increasing risk of blood clotting events. However, as the tip is cooled, it is not possible to estimate the effect of the energy on the tissue by measuring the temperature at the surface of the tissue. ACT's technology will enable for the first time measurement of tissue temperature with an irrigated catheter. This will permit Electro-Physiologists greater control in their lesion creation and has the potential to improve patient outcomes.
"Unlike any other catheter today, ACT's technology allows the Electro-Physiologist to optimize irrigated catheter generated lesions by knowing the real time ablation temperature inside the cardiac tissue", Peter van der Sluis, ACT's CEO, commented. "The completion of our B round funding allows us to fully prepare for the commercial launch of ACT's technology in 2010."
Gerard Harper of NBGI Ventures added: "We are delighted to support this exciting opportunity within the rapidly-growing cardiac catheter ablation market. ACT's system has potential to bring a step-change in lesion control during these procedures and improve outcomes for patients."
About Advanced Cardiac Therapeutics
Headquartered in Laguna Beach, California, USA, ACT specializes in advanced irrigated cardiac catheter ablation systems with proprietary temperature-sensing technology based on microwave radiometry.
About NBGI Ventures (http://www.nbgiventures.com)
NBGI Ventures, established in 2001, manages funds with over EUR100 million in total commitments and focuses on leading investments in innovative medical technology companies. NBGI Ventures is based in London and considers investments across Europe and the US. Companies it has supported to date include Advanced Cardiac Therapeutics (USA), Biospace Med (France), BoneSupport (Sweden), Estech (USA), Forth Photonics (UK), Quanta Fluid Solutions (UK), Reverse Medical (USA), SuperSonic Imagine (France), 2010 Perfect Vision (Germany) and Upfront Chromatography (Denmark). NBGI Ventures is a division of NBGI Private Equity Limited, which is authorised and regulated by the Financial Services Authority.
For more information contact: Advanced Cardiac Therapeutics Peter van der Sluis, CEO T: +1-949-500-0192 E: firstname.lastname@example.org Media enquiries: Hogarth Julian Walker / Sarah MacLeod T: +44(0)20-7357-9477
SOURCE Advanced Cardiac Therapeutics