Medlumics raises €14M in a Series E financing co-led by Asabys Partners, VI Partners and CDTI Innvierte, together with existing investors Andera Partners, Caixa Capital Risc and Innogest
Medlumics, which develops Ablaview®, a unique RF irrigated ablation catheter system that merges photonics and miniaturized optics to guide device placement and directly assess the ablation lesions in real time, announces today the closing of a €14 million Series E financing, co-led by Asabys Partners (through the fund Sabadell Asabys Health Innovation Investments), VI Partners and CDTI Innvierte, with the participation from historical investors Andera Partners, Caixa Capital Risc and Innogest Capital. Several of the investors joining this round were investors in Endosense, a company in the same space acquired by Abbott (St. Jude Medical) in 2013 for more than USD 300 million.
Medlumics was founded in Madrid in 2009 and is led by James Greene (CEO) who has long-term experience in the industry both as a serial entrepreneur in the MedTech industry and as an executive in global medical device players.
AblaView® is the first imaging system to assess the treatment of Atrial Fibrillation by ablation, allowing the operator to directly assess both the positioning of the ablation catheter on the myocardium and the continuity and transmurality of the ablation.
The cardiac Ablation catheter market was $3.9b in 2019, with only 4,4% of people diagnosed being treated using ablation technology. A limiting factor for adoption of the ablation technique remains the high rate of recurrence due to lack of lesion transmurality (ablation of the myocardium in all its depth) and lack of lesion continuity, leaving gaps of untreated tissues. The AblaView® technology tackles this problem, guiding practitioners and confirming therapy success in real time. Ablaview® is fully compatible with the RF ablation catheters that are already on the market.
The financing will allow Medlumics to complete the preclinical development of its technology and obtain first in human clinical data.
“Medlumics optically guided ablation technology provides electrophysiologists direct information without surrogates to make real time decisions critical for successful ablation resulting in reducing AF recurrence rate. Recent preclinical studies were very successful and demonstrated AblaView®’s ability to directly assess catheter to tissue contact, stability with high sensitivity, and continuous progress of the ablation of the tissue. Using photonics, clinicians will soon directly assess lesion progression and continuity in real time and subsequently locate and ablate gaps with precision. I thank new and existing investors for the trust and support in our company as we will be able to march from preclinical to clinical proof soon”, commented James Greene, CEO of Medlumics SL.
Medlumics SL, founded in Madrid in 2009, is a medical device company focused on the design and development of an optically guided radiofrequency ablation system for the treatment of Atrial fibrillation. Its flagship product, AblaView®, allows the operator to directly assess both the positioning of the ablation catheter on the myocardium and the continuity and transmurality of the ablation. Medlumics Ireland Ltd. is a subsidiary and IDA company developing automated optical sensor and packaging processes for high volume manufacture.