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Acutus Medical Announces $170 Million Financing
CARLSBAD, California, June 24, 2019 /PRNewswire/ -- Acutus Medical today announced a $170 million 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 included 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 can 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. Arrhythmias cause the heart to beat too quickly, slowly or erratically, which can result in debilitating symptoms and, in some instances, fatal consequences. 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. 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.
"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."
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.
SOURCE Acutus Medical