Endosense Secures $40.3 Million In Series C Financing For Medical Device Development, European Direct Sales of And The U.S. Launch Of TactiCath Upon Future FDA Approval
As a leader in force-sensing technology focused on improving the efficacy and safety of catheter ablation for the treatment of cardiac arrhythmias, the Switzerland-based company Endosense has announced the close of a USD 40.3 million/CHF 37.4 million series C financing. Led by new investor NGN Capital, the round drew large participation from all existing investors as well as multiple employees.
The Series C Financing will be used for multiple expansion purposes. First, from a sales perspective, the financing will help to support the growth of a new direct sales organization in Europe and the commercialization of the recently introduced third-generation TactiCath Quartz force-sensing catheter in the region. Second, the financing will back the development of next generation products; completion of the TOCCASTAR investigational device exemption (IDE) clinical study follow-up and FDA approval submission for the TactiCath in the United States. Third, the cash resources will allow for the proper launch of the device in the United States.
“The global market for electrophysiology and atrial fibrillation is one of the fastest growing areas in cardiovascular intervention. Endosense’s force-sensing technology is designed to shorten procedure times and deliver better outcomes and, as such, provides a major growth opportunity. With this round, our investors have indicated their confidence in our ability to continue leading and advancing the field,” said Jan Keltjens, president, chief executive officer and Chairman of Endosense. “We are well positioned for rapid and sustained growth in Europe with our next generation TactiCath Quartz, which will be commercialized and supported by our new direct sales force, and we are enthusiastic about our prospects for expansion into the United States.”
Founded in Geneva in 2003, Endosense is a medical technology company focused on improving the efficacy, safety and accessibility of catheter ablation for the treatment of cardiac arrhythmias. The company pioneered the use of contact-force measurement in catheter ablation with the development of the TactiCath, the first force-sensing ablation catheter to give physicians a real-time, objective measure of contact force during the catheter ablation procedure. It is important to note that at this point the device is in investigational use in the United States.
HealthCare Recruiters International agrees with financial experts that the further funding of Endosense will lead to many opportunities. As NGN Capital Managing General Partner Dr. Peter Johann explained: “Endosense’s proprietary force-sensing technology holds tremendous promise to improve standard of care in the catheter ablation treatment of cardiac arrhythmias. We believe that the company’s strong leadership, deep body of clinical evidence and strategic vision for growing the field will yield significant value and deliver important benefit to electrophysiologists and patients around the world.”