– USA, CA – VytronUS, Inc., a privately held medical device company developing novel technologies for the treatment of cardiac arrhythmias, announced today that it has secured $31.6 million in an oversubscribed Series B financing. The round was led by Apple Tree Partners, along with additional new investors, BioStar Ventures, Windham Venture Partners and a strategic investor alongside New Enterprise Associates and other existing investors. Proceeds will be used for development and validation of VytronUS’s proprietary Low-Intensity Collimated Ultrasound (LICU) Cardiac Imaging and Ablation System to treat atrial fibrillation and other arrhythmias in forthcoming clinical trials.
Joining VytronUS’s Board of Directors will be David McIntyre and Sami Hamade, representing Apple Tree Partners, as well as Hank Kucheman, representing BioStar Ventures.
“This financing is a significant milestone for VytronUS. In the last year, VytronUS has completed a human clinical series which demonstrated the feasibility of our approach to treating atrial fibrillation. This infusion of capital allows us to advance our next generation system,” said Michael Pederson, CEO of VytronUS. “We are excited to have Apple Tree Partners and the other new investors come on board. We look forward to benefiting from their experience as we develop our technology and commence the next stage of clinical trials.”
Founded in 2006, VytronUS is developing a next generation integrated imaging and ablation system for cardiac electrophysiologists. Harnessing the capability of ultrasound energy, the VytronUS system creates an image of the cardiac anatomy for procedure planning and allows the physician to draw any desired treatment pattern on the image via the system console. The robotic catheter then delivers LICU energy to the heart tissue without direct tissue contact, forming continuous linear lesions to block abnormal electrical rhythms.
David McIntyre of Apple Tree Partners commented, “Atrial fibrillation affects millions of patients worldwide. Despite significant drawbacks associated with current technologies, catheter ablation continues to be one of the fastest growing markets in the medical device sector. We are enthusiastic to invest in VytronUS’s technology platform and team that we expect will have a meaningful impact on this disease and other cardiac arrhythmias.”
In a related announcement, Mike Pederson will be stepping down from his role of CEO later this quarter to lead Abbott’s newly-formed electrophysiology business.
Justin Klein, Partner at NEA and VytronUS director said, “Mike has provided outstanding leadership at VytronUS, setting a vision for the company and building a deep and talented team that has driven tremendous advances in VytronUS’s technology. I can’t think of a person more capable of building a market-leading electrophysiology business for Abbott.”
About Apple Tree Partners
Apple Tree Partners (“ATP”) is a $1.67 billion venture capital firm dedicated to building healthcare businesses. ATP takes the long view as a matter of principle and for value creation. Apple Tree is actively investing in medical devices, pharmaceuticals, biotech and healthcare services.
About New Enterprise Associates
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With over $13 billion in committed capital, the firm invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. NEA’s long track record of successful investing includes more than 195 portfolio company IPOs and more than 300 acquisitions.
About BioStar Ventures
BioStar Ventures is a venture capital partnership to enhance and monetize the experience and knowledge of physician thought leaders in medical care and technology with successful and knowledgeable health care business leaders, and experienced venture capitalists to invest primarily in early stage medical devices. BioStar Ventures’ unique marriage of world renowned clinicians with experienced venture capitalists and business leaders, allows BioStar Ventures to capture unique deal flow and leverage decades of scientific knowledge, clinical expertise, and patient care delivery experience to benefit its investment process.
About Windham Venture Partners
Founded in 2006, Windham is a New York City based venture capital firm focused on healthcare, with a particular emphasis on medical technology (devices and diagnostics) and digital health (the intersection of healthcare and information technology). Windham seeks to invest in and partner with companies that are commercializing game-changing technologies to serve unmet needs in order to improve the lives of large numbers of patients and yield robust returns for its investors.
VytronUS, Inc. was formed to harness the imaging and therapeutic capabilities of ultrasound energy to treat cardiac arrhythmias, starting with atrial fibrillation. The company has developed a catheter-based ablation platform employing Low-Intensity Collimated Ultrasound (LICU™). LICU allows for non-contact energy delivery and is capable of quickly producing high-resolution images of cardiac anatomy. The VytronUS system is designed to allow physicians to easily treat complex arrhythmias with better flexibility and control.
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