MedLumics closes upsized 18M€ financing round
MADRID, FEBRUARY 10th 2021 – MedLumics, a privately held medical device company developing AblaView, the first optically-guided real-time ablation catheter system for the treatment of Atrial Fibrillation (AF), announced today that it has closed an upsized EUR 18 million (USD 21.7 million) financing round and has appointed Rich Ferrari as Chairman of the Board of Directors. MedLumics’ optical catheter displays lesion creation in real-time providing the physician with direct visual confirmation of conduction tissue denaturation.
Kurma Partners joined the round which includes and was initially led by Asabys Partners, along with new investors, VI Partners Swiss Innovation and CDTI Innvierte Economía, and existing investors Andera Partners, Caixa Capital Risc and Innogest Capital II. Having achieved pre-clinical feasibility in 2020, these proceeds will now enable MedLumics to initiate first in-human regulatory clinical studies and automate scalable product manufacturing.
Concurrent with the financing, Medlumics welcomes renowned venture capital investor Rich Ferrari as new Chairman of the Board of Directors. Mr. Ferrari brings to the team his wealth of experience in medical device innovation and commercialization as a successful CEO of two publicly traded medical technology companies and as co-founder and Managing Director of De Novo Ventures. Current Chairman Olivier Litzka of Andera Partners will assume the role of Vice Chairman.
Commenting on the news, James Greene, CEO of MedLumics, said: “We are very please to have received funding from such a strong investment syndicate and I am delighted to welcome Rich Ferrari as Chairman to our Board. We are honoured to have attracted someone of his calibre and look forward to benefiting from his impressive experience to support MedLumics as we progress through our development towards market entry. I would like to give heartfelt thanks to Olivier Litzka for his advice and guidance these past years and we are very grateful for his continued support as Vice Chairman of the Board.”
Olivier Litzka, Partner at Andera Partners, commented: “We have seen an intensive and exciting period between 2017 and 2020, in which Medlumics has masterminded technically one of the most difficult to accomplish challenges in the electrophysiology lab by delivering a catheter which is capable of performing real-time lesion assessments during AF ablation. Following this achievement, we are in a favourable position to have attracted Rich Ferrari, an accomplished medtech entrepreneur, executive, board member and investor, and we look forward to moving towards clinical proof of concept under his Chairmanship.”
Rich Ferrari, newly appointed Chairman, added: “I am very excited to be joining such a competent team and board of directors. The Medlumics technology has the potential to greatly enhance clinical outcomes by providing real time feedback on constant contact of the ablation and visual display of the depth and conductivity of the tissue.”
Peter Neubeck, Partner at Kurma Partners, said: “We are excited to work with MedLumics in developing a truly innovative technology, a potential game changer in the interventional treatment of Atrial Fibrillation, a multi-billion-euro market opportunity. Patient outcomes will be dramatically impacted by the ability of clinicians to follow in real time the progression of ablations and their quality. We are happy to be joining this talented team and our syndicate partners, in supporting MedLumics’ evolution into a successful international business.”
Atrial Fibrillation is the most common type of cardiac arrhythmia, currently affecting an estimated 33 million people worldwide. AF recurrence remains high with more than 20% of patients undergoing repeat ablation within one year of initial treatment. Addressing an unmet clinical need, AblaView is the first imaging system to directly assess lesion creation, allowing the operator to confidently ascertain the stability of the contact and the positioning of the catheter on the atrial wall. Recent preclinical studies have been successful in demonstrating reliable monitoring of the continuity and transmurality of the cardiac tissue ablation in real-time.
Rich Ferrari has over 35 years in the healthcare industry, with a demonstrated history of working in the venture capital and private equity industry. Prior to founding De Novo Ventures in 2000, Rich was a successful CEO of medical technology companies, CardioThoracic Systems (CTS) and Cardiovascular Imaging Systems, both of which he took public. Rich remains very active as Executive Chairman of De Novo Ventures and mentors many first time CEOs. He also serves as a faculty member of the Stanford Biodesign Emerging Entrepreneurs Forum, as well as a board member for the Stanford Coulter Foundation for Translational Medicine. Rich holds a BS degree from Ashland University and an MBA from the University of South Florida.Posted on 10 Feb 2021 MedLumics