Atritech, Inc. has completed a $22 million round of financing.
SightLine Healthcare Vintage Fund led the round along with substantial commitments from the existing investors including Prism Venture Partners, the lead from the last round. In the past 18 months, the Company has raised approximately $45 million in capital.
With this new funding, Atritech, a clinical stage medical device company, will complete the enrollment phase of its PROTECT AF clinical trial along with the preparation and submission of clinical results to the FDA. The PROTECT AF clinical trial is evaluating the Watchman device, designed to help harmful sized blood clost from entering a patient’s blood stream, versus the current standard of care, Coumadin, in patients with AF. The PROTECT AF clinical trial is being conducted in 60 sites across the United States and Europe and is in the final stage of enrollment with approximately 600 patients enrolled, of which 300 patients have been enrolled since the beginning of the year.
This financing follows Atritech's acquisition in June of intellectual property from ev3, Inc. relating to closure devices within the left atrial appendage. This acquisition of over 60 patents together with the company's broad patent portfolio and clinical trial success establishes the company as the clear leader in the left atrial appendage closure market.
"The recent acquisition of ev3's intellectual property and the continued progress of the PROTECT AF clinical trial have Atritech well positioned in this emerging market," says Buzz Benson, managing director, SightLine Partners. "We believe the Watchman device may prove to be a key element in protecting AF patients at an increased risk of stroke. We are excited to be the lead investor in this round of financing."
"The continued support of our existing investor group further validates our innovative approach to stroke prevention in patients with atrial fibrillation and potential market opportunity," says Jim Bullock, president and CEO of Atritech. "With strong enrollment, the FDA submission on the horizon, and the recent intellectual property acquisition, we are positioned to be the market leader," adds Bullock.