CARLSBAD, Calif., July 17 /PRNewswire/ -- Ablation Frontiers, Inc., a privately-held medical device company focused on developing novel treatments for irregular heart rhythms, recently announced the close of a $21.8 million Series C financing led by the Novartis Venture Fund. Additional new investors included Affinity Ventures, Hexagon Investments and Trellis Health Ventures. Previous backers Versant Ventures, Aberdare Ventures, and Pequot Ventures also participated in the round.
Ablation Frontiers has developed an innovative portfolio of devices for treating dangerous arrhythmias without the use of expensive, complicated imaging systems or robotics. The company recently announced the launch of commercial operations in the European Union after their Catheter Ablation System received the CE Mark. Currently, the company has focused their efforts on the treatment of atrial fibrillation -- the most common type of abnormal heart beat -- and is supporting clinical trials in the Unites States and Europe to demonstrate safety and efficacy in curing the disease. A proven treatment for atrial fibrillation has been described as a major unmet medical need, with market estimates of approximately $2 billion.
The capital raised in this round will be dedicated to Ablation Frontiers’ investigational device exemption (IDE) clinical trial in the United States, as well as expanding commercial operations around the world. According to CEO Keegan Harper, “We are pleased with the results of this financing, which represents a step-up in the company’s valuation, as well as the confidence of an accomplished team of new and repeat investors. This funding will help us accelerate market growth internationally while driving clinical activity for our recently-initiated IDE study.”
“We are pleased to have led this round of investment in Ablation Frontiers” said Steven Weinstein, Managing Director at the Novartis Venture Fund. “We are impressed with the company’s product portfolio, experienced management team and remarkable pace of adoption in early commercialization.” As a result of this financing, Mr. Weinstein will join the Ablation Frontiers Board of Directors.
About Ablation Frontiers
Ablation Frontiers is an emerging, venture-backed medical device company based in Carlsbad, California. Founded in 2004, the company is focused on developing and commercializing innovative products for the treatment of cardiac arrhythmias. In late 2006, Ablation Frontiers received the CE Mark for its Cardiac Ablation System consisting of a portfolio of anatomical-based catheters and a multi-channel radiofrequency (RF) generator. For more information, please visit http://www.ablationfrontiers.com.
About Novartis Venture Funds
Founded in 1996, Novartis Venture Funds currently manages over $550 million in committed capital. As a financially driven corporate life science investor, the Novartis Venture Fund invests in those companies which have the potential to lead the next innovation wave in our core therapeutic fields or explore new business areas that will be critical to patient care. Since its formation, Novartis Venture Fund has invested in more than 50 companies in the biotech and medical device sectors. The Novartis Venture Funds team of nine investment professionals located in Basel Switzerland and Cambridge, MA brings together extensive expertise in life sciences and venture capital. For more information, visit http://www.venturefund.novartis.com.
Ablation Frontiers, Inc.
CONTACT: Jay Kelley of Ablation Frontiers, Inc., +1-760-438-4868
