CathVision has signed a multi-million venture investment from Scandinavian-based investors VF Venture and Borean Innovation. The investment is directed at developing and market the company’s superior electrophysiology (EP) recording system for treating cardiac arrhythmia.
Approximately 2% of the Western population suffers from cardiac arrhythmia, and hospital-based catheter ablation procedures are directed at terminating arrhythmia. Still, a number of challenging arrhythmia suffers from unsatisfactory low efficacy of 50%.
CathVision works to address the unmet need of successfully ablating challenging arrhythmia, such as atrial fibrillation and ventricular tachycardia.
The company reports that the CathVision’s product is a proprietary low-noise EP system that helps guide the medical professionals to the right spot for cardiac ablation. Contrary to competitors, CathVision has IP protected low-noise technology to provide the medical staff electrogram-driven clinical decision support.
In addition, CathVision is working with international leading physicians and electrophysiologists to test and market its proprietary low-noise EP recording system. The new investment allows the company to conduct clinical tests and market the product.
The EP/ablation market is a $3Bn market, comprising disposable catheters, 3D mapping systems and EP recording systems. CathVision is pursuing a market leader position in the EP recording system segment, while most competition is addressing 3D mapping and ablation catheter technology. CathVision expects market entry in 2018.
Mads Emil Matthiesen, CEO at CathVision says: “With the new investment and attraction of experienced investors, we are entering a new company phase towards market stage. We are working to document our advantages by conducting a series of animal and human tests in 2017-18. We are excited to bring physicians and hospitals a product that can make a difference for patients.”
Managing Partner at VF Venture, Tonni Bülow-Nielsen, notes: “CathVision works in one of the fastest growing segments in medical technology. CathVision’s team has worked patiently and consistently with their product over a number of years, and we have followed the company for several years. I think CathVision represents an attractive investment target in a market with high activity.”
Lene Gerlach, PhD, Portfolio Manager at Borean Innovation concluded: “CathVision is one of the investments we have high expectations for. We have been on board since 2014 and we have now completed three capital raises in the company. We are very satisfied with the syndicate with VF Venture and look forward to the joint work towards market approval and roll-out.”