SANTA CLARA, Calif.--(BUSINESS WIRE)--Advanced Cardiac Therapeutics, Inc., (“ACT” or the “Company”), a medical device company focused on developing a next-generation ablation catheter to treat cardiac arrhythmias including atrial fibrillation, today announced $45 million in new equity funding led by Ajax Health (“Ajax”) alongside existing investor New Enterprise Associates (“NEA”) and new investor Questa Capital Management (“Questa”).
Atrial fibrillation is a condition in which the heart beats irregularly due to improper electrical impulses, and is one of the most prevalent heart diseases globally, currently affecting an estimated six million people in the U.S. alone. The irregular heart beat can lead to increased risk of stroke and significant diminishment of quality of life for individuals affected. Catheter ablation for atrial fibrillation has been demonstrated to be a safe, effective, and economic treatment, and is one of the fastest growing medical device markets today.
ACT’s novel catheter ablation system, which includes the Company’s proprietary DiamondTemp™ Catheter, DiamondTemp™ RF Generator, and integrated fluid Irrigation Pump, is the first of its kind to combine temperature control, contact sensing, and high resolution electrogram recording to treat atrial fibrillation through a minimally invasive approach enabling faster and safer procedures with improved clinical benefits. The Company will use proceeds from the financing to pursue a global clinical development program and earn regulatory approvals for use of ACT’s portfolio of products in Europe and the U.S.
“On behalf of Ajax, we are delighted to be making this investment in ACT,” said Jim Momtazee, Board Member at Ajax and Head of KKR’s Health Care industry team. “The Company’s sound technology platform, coupled with its tremendously talented and resourceful team, positions ACT to accelerate this therapy to market for the benefit of many physicians and their patients.”
“I am pleased to be investing again with Duke and the entire ACT team,” commented Ryan Drant, Founder and Managing Director at Questa. “They are outstanding entrepreneurs who are driving major improvement in atrial fibrillation therapy with their proprietary DiamondTemp™ technology.”
“ACT’s continued impressive progress in building a highly differentiated, next generation solution for catheter ablation has been remarkable. We are equally enthusiastic to welcome Ajax and Questa as our financial partners in supporting the ACT team’s efforts to take the treatment of atrial fibrillation to a new level,” said Justin Klein, MD, a partner at NEA and ACT board member.
Representatives of Ajax and Questa will join ACT’s Board of Directors.
“I am extremely pleased with the significant financial commitment that Ajax, NEA, and Questa have made to ACT in this funding round,” said ACT CEO Duke Rohlen. “Their support provides further validation of our technology, our leadership team, and our strategy to develop a next-generation, workhorse product to treat patients suffering from atrial fibrillation and other cardiac arrhythmias. We are thrilled to partner with these blue-chip investors as we accelerate into large clinical studies and regulatory approvals.”
With the financing, the Company also announced that Dr. Philippe Henri Marco has been named President and Chief Operating Officer of ACT. Dr. Marco has more than 20 years of leadership experience in medical device technology, including in-depth knowledge of the interventional cardiac and endovascular fields, as well as experience in product development, manufacturing operations, regulatory strategy, clinical trial coordination and management, marketing, and sales training.
“Dr. Marco is the perfect fit for us,” Mr. Rohlen said. “We previously worked together when he was the President and COO of CV Ingenuity, and I was able to witness first-hand how his tremendous skills and industry background propel companies forward. His excellent track record of expeditiously taking medical devices through regulatory approvals to market will serve ACT well.”
About Advanced Cardiac Therapeutics, Inc.
Advanced Cardiac Therapeutics, Inc. is a medical device company that designs and manufactures a catheter-based system for the treatment of patients with atrial fibrillation and other cardiac arrhythmias. Atrial fibrillation is characterized by an irregular, often rapid heart rate. The Company’s mission is to dramatically improve the treatment of this disease through the introduction of novel products based on its proprietary technology. ACT’s DiamondTemp™ technology is the only system in the world to leverage four unique capabilities: temperature control, low irrigation flow rates, high resolution electrogram attenuation, and contact sensing. The ACT system is not currently approved for commercial use. For more information, please contact Marissa Bramlett at email@example.com. www.actmed.net
About Ajax Health
Ajax Health operates health care companies that address significant unmet needs by developing emerging medical device technologies. Founded in 2017, and backed by KKR and Aisling Capital, the company leverages its resources in sourcing and operations to drive better treatment outcomes. Ajax Health is located in Menlo Park, CA.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.
About Questa Capital
Questa Capital is a healthcare venture capital firm that invests in growth-stage healthcare companies. Founded in 2016, the firm is led by three senior partners: Ryan Drant, who previously led healthcare investing at NEA; Brad Sloan, previously a senior healthcare investor at Parthenon Capital; and Shawn Conway, a former senior operating executive at Andreessen Horowitz and NEA. Questa seeks out disruptive business models that improve lives and provide better quality and more efficient care. The firm partners with superior management teams to help build innovative market leaders. For more information visit www.questacapital.com.