Healthcare Industry News: ultrasound
News Release - July 29, 2016
VytronUS, Inc. Raises $49 Million in Series C FinancingSUNNYVALE, Calif., July 29, 2016 -- (Healthcare Sales & Marketing Network) -- VytronUS, Inc. ("VytronUS"), a privately held medical device company developing novel technologies for the treatment of cardiac arrhythmias, announced today that it has secured $49 million in Series C equity financing. The current syndicate of investors enthusiastically supported this financing. Proceeds will be used for technology refinements and clinical trials of VytronUS's proprietary Low-Intensity Collimated ultrasound (LICU™) Cardiac Mapping & Ablation System to treat atrial fibrillation and other arrhythmias.
"This financing is the culmination of the excellent progress the company has made over the last two years. We have developed a potentially game-changing technology platform, underscored by our successful clinical results to date," said John Pavlidis, CEO of VytronUS. "We greatly appreciate the commitment of our distinguished syndicate of investors and will use this infusion of capital to execute the multi-center EU and US clinical validation of our technology," Pavlidis continued.
VytronUS is developing a next-generation integrated imaging and ablation platform for cardiac electrophysiologists. Harnessing the capability of ultrasound energy, the VytronUS system creates a high resolution image of the interior of the heart for procedure planning and allows the physician to simply draw a desired treatment pattern on the image at the workstation.
"The VytronUS system offers a potentially winning combination for AF and VT ablation: facile rendering of the 3D left atrial or ventricular anatomy, continuous transmural lesions without tissue contact, and importantly, the flexibility for operator-defined lesion paths with tissue thickness information," said Vivek Reddy, MD, Helmsley Trust Professor of Medicine, Mount Sinai Hospital, New York, NY.
David McIntyre, Partner at Apple Tree Partners and VytronUS director, commented: "Despite significant limitations associated with currently available technologies, catheter ablation continues to be one of the fastest growing markets in the medical device sector. We are enthusiastic to continue our investment in VytronUS's technology platform and outstanding team to support the company in the clinical validation phase."
Justin Klein, MD, JD, Partner at NEA and VytronUS director, added: "We have been long-term supporters of VytronUS because we believe the company's revolutionary technology has the potential to help millions of people all over the world. With this latest investment, the company is very well positioned for success in multi-center clinical trials."
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. ATP is actively investing in medical devices, pharmaceuticals, biotech, and healthcare services.
About New Enterprise Associates
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 200 portfolio company IPOs and more than 320 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 device companies. 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, improve the lives of large numbers of patients, and yield robust returns for its investors.
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