CyberHeart Secures $9 Million in Series A Financing

MENLO PARK, Calif.--(BUSINESS WIRE)--CyberHeart Incorporated, a Menlo Park, Calif-based medical device company developing the first totally non-invasive system to treat cardiac arrhythmias, today announced the close of a $9 million Series A financing. The investment was co-led by Emergent Medical Ventures, LLP (Portola Valley, Calif.) and United Investments (Taipei, Taiwan). Also participating in the round were Venture Select GmbH (Munich, Germany) and Mitsubishi Corporation (New York, NY).

“Pre-clinical studies using current CyberKnife technology demonstrated the ability to accurately target the moving heart and cause the desired electrical block”

“We are pleased to have secured such knowledgeable and high caliber investors in this critical initial funding,” said Patrick Maguire, M.D., Ph.D., president and CEO of CyberHeart Incorporated.

CyberHeart plans to use the financing to fund the development of proprietary non-invasive technology for cardiac applications using the CyberKnife^® System from Accuray Incorporated (Sunnyvale, Calif.). The CyberKnife System is the most accurate robotic radiosurgery system available, able to track, detect and correct for motion throughout the treatment. CyberHeart, with the cooperation of Accuray, is developing hardware and software modifications that would extend this therapy to cardiac applications.

“We are pleased to make CyberHeart our first investment,” said Allan May, co-founder and managing director of Emergent Medical Ventures, LLP. “We believe a non-invasive therapy to address cardiac ablation and arrhythmias such as atrial fibrillation will provide a superior treatment option for a problem affecting millions of people in the United States and throughout the world.”

“Pre-clinical studies using current CyberKnife technology demonstrated the ability to accurately target the moving heart and cause the desired electrical block,” said Henry Wang, managing director of United Investments. “Now we just need to refine the application.”

About Atrial Fibrillation

Atrial fibrillation (AF) affects an estimated 2.5 million people within the United States, and over 5 million people worldwide. Atrial fibrillation is an independent risk factor for death. Patients with AF have a five-fold increased risk for stroke compared to matched controls. The estimated number of patients affected by AF is expected to increase nearly 250 percent over the next 50 years, to nearly six million patients in the United States by 2050. Treatments include drugs, surgery, and catheter based procedures. However results are often unsatisfactory, resulting in a significant unmet clinical need.

About CyberHeart Incorporated

CyberHeart is a developmental stage medical device enterprise founded in 2006 by Thomas Fogarty, MD and Roderick Young, and is based in Menlo Park, California. The Company is focused on commercializing leading edge non-invasive technology to treat cardiac arrhythmias and other cardiac disorders. CyberHeart believes the addressable commercial market in the United States is in excess of $3 billion and growing.

About Emergent Medical Ventures, LLP

Emergent Medical Ventures is a life sciences investment firm founded by Dr. Thomas Fogarty and Allan W. May that focuses on medical device and healthcare companies. The Company has over 50 years of combined experience creating and investing in medical devices and healthcare companies. The focus is on early stage companies and their expertise encompasses all areas of medicine, including cardiovascular and general surgery, orthopedic surgery, cardiology, radiology, oncology, obesity, gynecology, oncology and sleep disorders.

About United Investments

United Investments was established in June 2000 with management of seven venture capital funds which total US $150 million. The Company has invested in more than 150 companies in Taiwan, USA, Singapore and Hong Kong, totaling more than US $450 million in invested capital and over 50 invested companies have since been listed in their respective countries. The investment focus is in various stages of companies with expertise in semiconductor, optical electronics (LCD/LED, and etc.) and medical devices.