Thermedical Secures $5.5 Million in Series A2 Financing Round
Published: May 15, 2013
WALTHAM, MA--(Marketwired - May 15, 2013) - Thermedical®, a medical equipment company developing new tissue-ablation therapies, announced today that it has completed a $5.5 Million Series A2 Financing Round. Samuel H. Maslak, Sc.D. and Karl H. Johannsmeier are leading the round with participation by angel investors. The round brings the total outside investment raised to $7 Million. The financing will be used to hire technical staff, continue funding research into the ablation of solid tumors and ventricular tachycardia, and begin first-in-man studies later this year.
Thermedical received U.S. Food & Drug Administration (FDA) clearance for its innovative technology for the coagulation and ablation of soft tissue during percutaneous, laparoscopic, and intraoperative surgical procedures in October 2012. FDA clearance of the Thermedical Ablation system was based on substantial preclinical testing carried out under multiple National Institutes of Health (NIH) Small Business Innovation Research (SBIR) Grants (CA069926 and HL063535) and on a matching grant from the Massachusetts Life Sciences Center.
"I continue to be excited about my investment in Thermedical," said Dr. Maslak, chairman of the board of directors. "The company has made excellent progress since my first investment last March, and I am optimistic about its growth potential. I believe this innovative technology will truly alter treatment for patients suffering from liver cancer and other solid tumors. It will also deliver an effective solution to cure ventricular tachycardia, a potentially life-threatening arrhythmia of the heart."
"I am delighted to be joining Sam Maslak in this investment," added Mr. Johannsmeier. "Sam and I have had great success since my supporting the founding of Acuson Corporation over 20 years ago -- together Sam and I have also successfully invested in Penrith Corporation. I see echoes of Acuson's success in Thermedical's leadership. I believe that Thermedical has great potential for making major contributions to healthcare and becoming an important, successful company."
The Thermedical Ablation system has demonstrated the ability to rapidly treat large volumes of tissue using a single electrode. Thermedical will sponsor a study of solid tumor ablation at an academic institution later this year. Preclinical validation for saline-enhanced VT ablation is currently underway in preparation for first-in-man studies.
Thermedical is a privately held company founded by Massachusetts Institute of Technology (MIT) Hyperthermia Center alumni Michael G. Curley, Ph.D. and Patrick S. Hamilton, Ph.D., based in Waltham, Mass. Under a Massachusetts Life Sciences Center Small Business Matching Grant (SBMG) Award and multiple NIH SBIR Grants, the company has developed thermal-ablation systems to treat cancer and cardiac arrhythmias. The innovative ablation therapy system is designed to optimize the treatment of liver cancer patients and patients with ventricular tachycardia, an abnormal rapid heart rhythm. Thermedical was chosen to present at the 2012 NCI SBIR Investor's Forum (http://sbir.cancer.gov/investorforum/). Additional information may be found by visiting http://www.thermedical.com.
Thermedical is a registered trademark of Thermedical
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