April 28, 2020
AtaCor Medical Secures $25M Financing to Continue Extracardiac Pacing Development
SAN CLEMENTE, Calif.--(BUSINESS WIRE)--AtaCor Medical, Inc. announced today that is has completed a $25M Series B financing. The financing syndicate, led by a corporate partner, includes existing investors Broadview Ventures and aMoon Fund as well as new investors Hatteras Venture Partners, Catalyst Health Ventures (CHV) and Longview Ventures, a Broadview affiliate. The investment supports efforts to reach US and EU regulatory clearances for AtaCor’s novel extracardiac temporary pacing system as well as development efforts for additional extracardiac therapies.
“It is a great vote of confidence to close this $25M financing round and continue AtaCor’s dedicated work to develop our novel pacing therapy,” said Rick Sanghera, AtaCor’s CEO. “We appreciate the support of the investor syndicate and look forward to finishing development and building further clinical evidence to bring our technology to patients.”
AtaCor is developing novel cardiac pacing therapies that do not require any hardware to be placed inside or onto a patient’s heart. The technology has already completed early clinical evaluation and will offer an important alternative treatment option for patients requiring bradycardia pacing support.
“AtaCor’s technology promises to be a step change in cardiac pacing. With early clinical data in hand, the company is now poised to develop the technology through regulatory approval, and we are thrilled to be supporting that work,” said Maria Berkman, of Broadview Ventures and Longview Ventures.
Darshana Zaveri, Managing Partner of Catalyst Health Ventures, who will be joining AtaCor’s Board of Directors, added that, “AtaCor’s technology has the potential to bring tremendous benefit to the large population of patients who need cardiac pacing and fits very well with CHV’s mission to invest in breakthrough, therapeutic medical devices. We are excited to partner with this exceptional team and syndicate to support the next phase of the company’s growth.”
“Hatteras is thrilled to support the AtaCor team in the development of this disruptive extracardiac pacing technology. We have been impressed by the work done to-date and are eager to be a part of this journey among such great partners,” said Jeff Terrell, Partner at Hatteras Venture Partners, who also will be joining AtaCor’s Board of Directors.
Existing investor Roy Wiesner, Managing Director at aMoon Fund, added that, “AtaCor is pioneering the transformation of cardiac pacing - both in terms of safety and patient comfort. We are excited to continue and strengthen our partnership with the company and look forward to working with the management team and the new funding partners to bring AtaCor’s vision to market.”
About AtaCor Medical, Inc.
Today, when patients require pacemaker therapy, pacing hardware is inserted into the veins and attached to the inside of the heart, a process requiring extensive x-ray imaging. Once implanted, this hardware can lead to serious complications with challenging removal procedures, even for newer “leadless” pacemakers. Temporary pacing leads, used in emergencies and other planned procedures such as TAVR, often force bedrest restrictions on patients, and carry their own set of risks.
Established in 2014, AtaCor Medical is transforming cardiac pacing. AtaCor’s extracardiac pacing lead is being designed to be inserted without any need for medical imaging, allowing for faster, less-invasive therapy delivery. The unique placement avoids the need to access the patient’s vascular system and leaves the heart completely untouched. Furthermore, the extracardiac lead is designed to eliminate bedrest restrictions associated with temporary pacing, thereby improving patient mobility and post-procedural recovery.
AtaCor’s management team is comprised of seasoned experts from within the implantable cardiac device and electrophysiology fields, with over 80 years of combined experience. The company’s extracardiac pacing system is being developed for temporary and permanent pacing markets and is not yet approved for sale in any geography.
For more information, please visit www.atacor.com.
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