Acutus Medical has turned up the heat for its latest financing – raising $170 million in a Series D round. A breakdown of the financing shows that $100 million came from a Series D equity round and $70 million came from a credit facility.
The Carlsbad, CA-based company said 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 has developed the AcQMap, a cardiac imaging and mapping system that incorporates precision ultrasound atrial anatomy reconstruction and highly reproducible, high-definition non-contact charge density mapping.
Proceeds from the financing will allow Acutus to increase market availability of its 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.
"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," Vince Burgess, CEO, Acutus Medical, said in a release. "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."
The financing comes on the heels of two huge milestones for Acutus.
In January, the company released data from the UNCOVER-AF trial. Results from the study showed that the use of the AcQMap resulted in 72.5% single-procedure freedom from AF at 12 months. Rigorous postablation monitoring showed 89.6% of the single-procedure patients experienced zero episodes of AF.
Acutus hit another milestone when it closed its acquisition of Rhythm Xience, a company that makes a line of transseptal crossing and steerable introducer systems. The Eden Prairie, MN-based company was acquired for an undisclosed sum.