O.C. Heart Device Firm, Cameron Health Raises $107 Million

San Clemente-based medical device maker Cameron Health Inc. has raised $107 million in venture funding, one of the larger financing rounds a company based here has seen.

Cameron, which makes an implantable heart defibrillator, raised the money in a round led by Palo Alto’s Alloy Ventures and Delphi Ventures of Menlo Park.

The company now has raised nearly $200 million in financing.

Cameron plans to use the latest money to push sales of its device in Europe and other global markets and for an upcoming U.S. clinical trial.

The company plans to enroll patients for a U.S. trial this year. It’s targeting the third quarter to submit data to the Food and Drug Administration and a possible approval in late 2012.

Cameron’s defibrillator is implanted under the skin and provides an electric shock to interrupt a potentially fatal heart rhythm during a heart attack.

The company is on the radar of big medical device makers, including Natick, Mass.-based Boston Scientific Corp.—a Cameron investor that has the right to buy the company—as well as St. Jude Medical Inc. of St. Paul, Minn., and Minneapolis-based Medtronic Inc.

Cameron could seek to do initial public offering or sell to another company if Boston Scientific passes on its option to acquire the company.

For more on Cameron, see a prior Business Journal story.

The funding round is one of the biggest seen here.

Earlier this month, Anaheim hybrid auto developer Fisker Automotive Inc. raised $100 million, bringing its total raised to $1 billion in investor and government financing.