Field Medical Secures $40 Million Funding for Cardiac Innovations
Field Medical Secures Major Investment to Revolutionize Cardiac Treatment
Field Medical Inc., a pioneering force in the realm of cardiac pulsed field ablation (PFA) technology, has successfully secured $40 million in Series A financing. This significant financial boost comprises both $20 million in new capital and the conversion of another $20 million from previous seed-round debt. The funding round saw participation from various prominent strategic investors, venture capital firms, and family offices, highlighting a robust confidence in the company’s focus on addressing ventricular tachycardia (VT) and the broad application of its innovative technology.
Enhancing Pilot Studies and Technology Development
The influx of funding is aimed at facilitating the continuation of two essential pilot studies, namely VCAS for VT and Field PULSE for atrial fibrillation (AF). Additionally, this investment will accelerate the development of Field Medical's commercial PFA system and enhance operational capabilities in preparation for the VERITAS trial, a pivotal study centered on VT.
According to Dr. Steven Mickelsen, M.D., founder and CEO of Field Medical, "This financing represents a crucial milestone in our journey to redefine ablation therapy for electrophysiologists. With the backing of our investors, we can expedite the development of our FieldForce™ Ablation System, building on promising initial clinical evidence and moving closer to achieving our aspiration of making next-generation PFA technologies accessible for cardiac ablation treatments."
A Strong Investor Confidence and Strategic Vision
Oskar Dadason, the company's CFO, expressed optimism about the strong support from both new and existing investors. He remarked, "This funding allows us to implement our strategic objectives efficiently as we transition from the innovative phase into a commercially ready state." Field Medical is dedicated to advancing groundbreaking technology that effectively treats various cardiac arrhythmias, including both VT and AF.
FieldForce Ablation System: A Game Changer
The FieldForce Ablation System is set to transform cardiac treatment with its innovative approach. This system features the first contact force focal PFA catheter specifically designed for high-performance ablation processes, allowing for therapy delivery in a mere fraction of a second. Recent data from the VCAS and PULSE pilot studies indicate the versatile capabilities of the system. Utilizing FieldBending™, a proprietary technology that generates brief, high-intensity electric fields, the FieldForce system stands out as an advanced, singular solution for a wide array of cardiac arrhythmias.
Commitment to Pioneering Technologies
Since its establishment in 2022, Field Medical has been at the forefront of developing next-generation pulsed field ablation technologies to meet the evolving needs of cardiac ablation. Led by Dr. Steven Mickelsen, whose pioneering work in this field laid a solid foundation for technological advancements, the company remains committed to refining these groundbreaking solutions. In recognition of its innovations, Field Medical was awarded Breakthrough Device Designation by the FDA, culminating in its inclusion in the TAP Pilot Program.
Addressing Vital Health Concerns
Ventricular tachycardia (VT) and atrial fibrillation (AF) are among the most prevalent and serious types of arrhythmias, associated with significant health outcomes such as stroke, heart failure, and untimely cardiac death. Current statistics reveal that VT affects over 6 million people in the United States and Europe, while AF impacts an estimated 2% to 6% of the global population.
The catheter ablation market for AF is currently valued at around $5 billion, with projections indicating a growth rate of 13% to 16%, potentially exceeding $11 billion by 2034. Conversely, the global market for VT, which includes devices and catheter ablation, was valued at approximately $12.5 billion in 2021 and is expected to grow at a rate of 5.26%, anticipating a rise to $17 billion by 2027. Notably, the catheter ablation segment of the VT treatment market is projected to experience an annual increase of 13% during this timeframe, reflecting a growing acceptance of catheter-based interventions for VT management.
Focused Team and Future Plans
Field Medical’s commitment to innovation and transformative healthcare solutions makes it well-positioned for growth in the dynamic landscape of cardiac treatment. Led by a dedicated team of professionals, the company is eager to continue pushing the boundaries of what is possible in arrhythmia treatment.
Frequently Asked Questions
What is the main focus of Field Medical?
Field Medical focuses on developing advanced pulsed field ablation technologies for treating cardiac arrhythmias, specifically targeting ventricular tachycardia and atrial fibrillation.
How much funding did Field Medical secure?
Field Medical successfully closed $40 million in Series A financing, which includes both new capital and conversion of seed-round debt.
What is the FieldForce Ablation System?
The FieldForce Ablation System is an investigational device designed for rapid and effective ablation therapy for various cardiac arrhythmias.
Who leads Field Medical?
Dr. Steven Mickelsen, a pioneer in pulsed electric field technology, is the founder and CEO of Field Medical.
What are the future prospects for Field Medical?
Field Medical aims to enhance its technology and expand commercial access to its next-generation PFA solutions, driven by ongoing clinical studies and investor support.
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