Conformal Medical Gets $85M in Series C Financing

Conformal Medical today announced it has secured $85 million in Series C financing. The financing syndicate included participation from new investors Fidelity Management & Research Company LLC and an undisclosed strategic investor, as well as Catalyst Health Ventures (CHV) and many returning Series A and B investors.

Funds will be used to support the company’s U.S. pivotal trial of its novel CLAAS® Technology, a next-generation solution for sealing the left atrial appendage in patients with atrial fibrillation.

“We are extremely pleased with the strong support of our investment partners, validating the potential of our next-generation technology in the growing LAAC market,” commented Andy Levine, president and CEO of Conformal Medical. “With this significant raise, we look forward to initiating our pivotal trial and taking the next step to establish the CLAAS implant as a cornerstone stroke reduction strategy for patients with AFib.”

“Conformal’s innovative approach has the potential to provide tremendous clinical benefit to a large patient population that suffers from AFib and therefore is at an increased risk of stroke. Current risk-reduction strategies have significant limitations and leave a clear unmet need in this space,” stated Joshua Phillips, managing partner at Catalyst Health Ventures. “The CLAAS technology provides a differentiated solution and we are excited to strengthen our partnership with this proven team and welcome our new funding partners.”

The CLAAS system features a proprietary foam-based architecture designed to accommodate most anatomies with only two sizes and simplified delivery without the need for procedural transesophageal echo (TEE) allowing physicians to perform LAAC without general anesthesia. Conformal’s randomized pivotal trial is expected to enroll over 1,300 patients at multiple sites globally beginning in early 2021, to investigate the safety and effectiveness of the CLAAS technology as compared to Boston Scientific’s Watchman products.

“The left atrial appendage, or LAA, is a pouch off the left atrium where clots associated with stroke form in patients with AFib. First-generation technology has demonstrated effectiveness compared to oral anticoagulation and fueled early market growth, despite procedural limitations,” commented Aaron V. Kaplan, M.D, professor of medicine at Dartmouth and Conformal’s co-founder and chief medical officer. “The CLAAS technology aims to address these limitations and enable physicians to routinely close the LAA without general anesthesia.”

More than six million people in the United States suffer from AFib, placing them at an increased risk of stroke.1 Current standard of care for stroke prevention is chronic oral anticoagulants, which are not well accepted by patients due to concern about associated risk of bleeding. Left Atrial Appendage Closure (LAAC) is emerging as an important alternative to blood thinners for preventing strokes in patients with AFib. Currently, first-generation LAAC devices are an estimated $600M global market and are expected to grow to over $1B in the next five years.


Reference

1. https://www.cdc.gov/dhdsp/data_statistics/fact_sheets/fs_atrial_fibrillation.htm

Medical Device News Magazinehttps://infomeddnews.com
Our publication is dedicated to bringing our readers the latest medical device news. We are proud to boast that our subscribers include medical specialists, device industry executives, investors, and other allied health professionals, as well as patients who are interested in researching various medical devices. We hope you find value in our easy-to-read publication and its overall purpose and objectives! Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

More News!

Alto Neuroscience advises the funds will be used to support ongoing and planned late-stage clinical development of CNS product candidates with four Phase 2 readouts expected across the next 12-18 month
Micron Biomedical has received this grant from the Bill & Melinda Gates Foundation to fund mass production of needle-free vaccines utilizing Micron technology to expand the accessibility of measles-rubella vaccine in developing countries
Ann Lin, co-founder and CEO of Cromatic said, "Outsourcing R&D is one of the most powerful ways for innovative biotech companies to get off the ground. While founders of tech giants like Apple and Google could build their products in garages with minimal resources, founders in biotech are confronted with the capital expense of lab space and equipment and the lengthy process of building the right team before they can even test their ideas. That’s why we are building the most powerful R&D outsourcing platform for biotechs, so that scientists will have clarity, confidence and choice when evaluating and managing their service providers. Ultimately, we want to enable biotech companies to start in garages, just like tech giants.”
The financing will support a substantial production capacity increase for the unique MIMIX™ hydrophilic biomaterial vascular access devices developed by AVI, which are designed to evade the foreign body reaction by mimicking the human body’s natural chemistry, as well as further research into the potential for MIMIX to lower catheter infection rates, and expansion of AVI’s product portfolio notes Access Vascular.
Neteera raised the first $13 million in April 2023 in a round led by Aescuvest, which led this extension as well. Foxconn Technology joined.

By using this website you agree to accept Medical Device News Magazine Privacy Policy