NuVera Medical Raises New Financing
CAMPBELL, CA – February 6, 2019 – NuVera Medical Inc., a portfolio company of Shifamed LLC, announced today it completed the first closing of a $15 million financing round led by Cormorant Asset Management with continued participation from the Capital Partnership, Lilly Asia Ventures, and other existing shareholders.
NuVera Medical is a privately-held company focused on enabling a new era in transcatheter cardiac interventions through the advancement of real-time 3D intracardiac echocardiography (4D ICE). Therapeutic advances in both the electrophysiology (EP) ablation market and the rapidly evolving structural heart (SH) market present new challenges in procedural guidance underserved by current methods of imaging. The NuVera platform represents a true paradigm shift in real-time 3D guidance, enabling the expansion and sustainable market adoption of a growing body of interventional procedures performed in the chambers of the heart.
“We are pleased to expand our relationship with NuVera Medical and Shifamed,” said Cormorant Asset Management CEO, Bihua Chen. “We are confident in the NuVera team’s ability to execute and deliver this important procedural advancement to the cardiology market.”
“The results of our preclinical work to date have been very positive,” said Todor Jeliaskov, CEO of NuVera Medical. “With these results, we believe that the value proposition of the NuVera technology in electrophysiology and structural heart applications is further demonstrated, and we look forward to advancing the product to the next stage of development.”
In the United States, 2D ICE is currently used in approximately 85% of EP ablation cases, representing a $250M market in the US alone at a CAGR of 17%. By offering the benefits of side-by-side 2D and 4D intracardiac images with a single ICE catheter, the NuVera system is poised for swift adoption within the rapidly growing and evolving EP market.
In addition, real-time 4D imaging will continue to play a critical and enabling role in the adoption of the increasingly complex procedures that are expanding the SH market. Currently, operators rely on 4D TEE for real-time 3D visualization, which requires a dedicated sonographer and is typically done under general anesthesia, adding significant cost and time to the procedure along with an increased length of stay. Providing 4D imaging on an ICE platform offers the potential to reduce the hospital’s cost burden and puts control of the imaging catheter into the hands of the interventionalist.
About NuVera Medical Inc.
NuVera Medical is a privately held medical device company formed by Shifamed LLC, a Silicon Valley-based medical innovation hub. To learn more about NuVera Medical, please visit www.nuveramedical.com.
About Shifamed LLC
Founded by serial entrepreneur Amr Salahieh, Shifamed LLC is a highly-specialized medical innovation hub focused on developing advanced solutions that get to market faster, reduce risk, increase impact, and forge a path toward a world where all people are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.
SPRIG Consulting LLC
+1 (408) 805-0520