Apama Medical Closure of $19.5M in Series C Financing
CAMPBELL, CA — Apama Medical, Inc., a privately held medical device company committed to improving patient outcomes by developing a novel catheter ablation system for the underpenetrated atrial fibrillation (AF) market, today announced it has closed $13M in a Series C financing from existing investors Ascension Ventures, Medvance Incubator Partners, ONSET Ventures, Incept, LLC, and various angel investors, along with up to $6.5M in a debt facility with Silicon Valley Bank. Additionally, the company released first-in-human (FIH) clinical data at the American Heart Association’s Scientific Sessions 2016 in New Orleans, LA.
Apama Medical, focused on the electrophysiology market, offers a vastly superior catheter-based solution for the fastest growing market segment, atrial fibrillation (AF) ablation, which is expected to reach $1.7 billion in 2017.
“We are pleased to receive such strong support from our existing investors, which we attribute to the tremendous progress of the company, including the initiation of our AF-FICIENT FIH clinical study earlier this year,” shared Amr Salahieh, President and CEO of Apama Medical. In conjunction with the Series C financing, Apama entered into a debt financing for up to $6.5M with Silicon Valley Bank (SVB), a financial partner to the world’s most innovative companies. Apama is also supported with an existing National Science Foundation grant.
Data from the AF-FICIENT FIH clinical study was recently released at the American Heart Association’s Scientific Sessions 2016 in New Orleans, LA. Dr. Amin Al-Ahmad from the Texas Cardiac Arrhythmia Institute in Austin, TX presented results from the initial six patients treated with the Apama RF Balloon Catheter System in Paraguay and New Zealand earlier this year. In his presentation, Dr. Al-Ahmad revealed that all safety and performance outcomes were met as measured by successful PVI isolation and lack of serious adverse events (SAEs) at 7 and 30 days. To date, a total of 18 patients have been treated at four international sites with all paroxysmal patients in normal sinus rhythm 3 to 6 months post-procedure.
“The Apama RF Balloon Catheter System is an innovative solution that addresses the gaps in existing catheter ablation technologies,” states Dr. Al-Ahmad. “The multipoint RF system enables single shot, customizable ablation geometries for improved efficiency and versatility. In addition, built-in cameras enable real-time visualization that allows for enhanced navigation and feedback on electrode contact.”
Apama is expected to continue demonstrating salient clinical validation of its RF Balloon Catheter System in 2017.
About Apama Medical
Apama Medical is a privately held medical device company formed by Shifamed LLC, a Silicon Valley based medical device incubator. Apama has developed a proprietary solution for the AF catheter ablation market, which is the fastest growing electrophysiology (EP) market segment. Globally, 12.9 million patients suffer from AF, which is the most common type of heart rhythm abnormality. While AF catheter procedures are growing, penetration of catheter ablation procedures for AF is still low primarily due to limitations with existing technologies. Apama Medical is committed to addressing the gaps in existing ablation technology, while incorporating additional unique features to address unmet market needs. For more information, visit www.apamamedical.com.