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Acutus Medical Completes $75 Million Series C Financing

Mar 22, 2016

CARLSBAD, CA—March 22, 2016—Acutus Medical, an electrophysiology company committed to transforming how electrophysiologists (EPs) image, diagnose and treat complex arrhythmias, today announced that the company has closed a $75 million Series C financing.

Press Release:

  • Expands Existing Blue Chip Syndicate with Institutional and Strategic Investors.
  • Financing Will Support Quest to Transform EP Market by Expanding Clinical Studies and Upcoming European and U.S. Launches of AcQMap™ High Resolution Imaging and Mapping System.

CARLSBAD, CA—March 22, 2016—Acutus Medical, an electrophysiology company committed to transforming how electrophysiologists (EPs) image, diagnose and treat complex arrhythmias, today announced that the company has closed a $75 million Series C financing. The all-equity financing round included new investors Deerfield Management Company, Xeraya Capital and an undisclosed strategic investor. Also participating in the round were existing Acutus Medical investors Advent Life Sciences, which has been an investor in the company since its inception along with OrbiMed and GE Ventures, which joined in the B-series.

“The Acutus Medical AcQMap™ technology has the potential to play an important role in the detection and treatment of atrial fibrillation (AFIB),” said Steve Hochberg, partner at Deerfield. “Presently, EPs are only able to map the inside of the heart chamber by actually touching the heart wall with a catheter one location at a time. This limitation prevents the EP from truly seeing the AFIB in a complete, full chamber, high-resolution view, leading them to treat the patient via an empirically-based approach versus an evidence-based approach. AcQMap allows EPs, for the first time, to see a three dimensional, high-definition view of the heart chamber and its electrical activity in real-time, helping them to make critical treatment decisions based on clear evidence of the abnormality causing the arrhythmia.”

The key differentiator of the AcQMap High Resolution Imaging and Mapping System is its ability to truly map AFIB and other complex arrhythmias, identify the mechanism of those arrhythmias, and provide a guide for ablation therapy. In addition, AcQMap can show the EP the effectiveness of the therapy in real-time. After the ablation has been delivered and upon the next heartbeat, a new complete map is rendered to confirm how the therapy changed the electrical pattern inside the heart. This real-time feedback loop can continue until the EP is satisfied that the therapy and the procedure have been successful.

Proceeds from the Series C financing will allow Acutus to continue to develop the entire suite of AcQMap products necessary to perform any catheter-based procedure, expand its clinical programs worldwide and continue developing a U.S. and European sales force in preparation for commercialization in both geographies.

“The rapid pace of progress in the past few years has brought Acutus from an early www start-up to a company on the verge of a commercial launch,” said Randy Werneth, president and chief executive officer of Acutus Medical. “That progress has energized our existing syndicate of top-tier investors and financial partners, while attracting the participation of new, world-class investors to participate in the next critical wwws of the company. Their support and shared vision for the company are essential for us to complete our regulatory and clinical milestones in preparation for commercialization.”

About Acutus Medical

Acutus Medical is a global heart rhythm technology company transforming the way electrophysiologists (EPs) diagnose and treat cardiac arrhythmias. The company is currently pursuing CE mark approval in Europe for the full suite of AcQMap™ System products. Acutus Medical is a privately held company located in Carlsbad, CA. To learn more, visit https://www.acutusmedical.com.

Forward Looking Statements

This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, our ongoing and planned product development, and clinical and regulatory milestones. We may use terms such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained herein, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this press release. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate. Acutus Medical expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.