AtaCor Medical has closed a Series C financing round, raising $28m for delivering a next-generation extravascular (EV) implantable cardioverter defibrillator (ICD) and pacing options for cardiac rhythm management (CRM).

The financing was led by Arboretum Ventures, with participation from Longview Ventures, Hatteras Venture Partners, Catalyst Health Ventures, and BayMed Venture Partners.

The company intends to utilise the funds to submit its extravascular temporary pacing lead system to the US Food and Drug Administration (FDA) and to complete a pilot study for its third-generation EV-ICD lead system.

Its technology is designed to deliver essential CRM therapy without placing hardware inside the heart, preserving the organ for future medical needs.

The AtaCor solution also aims to simplify temporary pacing lead placement by eliminating the need for medical imaging, thus offering a faster, less invasive therapy delivery method.

Additionally, the EV-ICD lead designs are compatible with existing, commercially available ICDs, providing flexibility to physicians in device selection.

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AtaCor’s EV-ICD and temporary pacing systems are claimed to have undergone evaluation in multiple clinical studies.

These systems offer an alternative treatment option for patients who require bradycardia pacing and implantable defibrillation therapies.

Arboretum Ventures founder and managing partner Jan Garfinkle said: “Arboretum Ventures is thrilled to lead this round and collaborate with the world-class team at AtaCor in their efforts to deliver pioneering EV cardiac rhythm management solutions.

“The AtaCor technology has the potential to significantly improve the lives of millions that rely on pacemakers and ICDs for life-sustaining rhythm management.”

AtaCor Medical CEO Rick Sanghera said: “We welcome the Arboretum team to AtaCor and look forward to having Jan’s expertise and guidance in the boardroom.

“As we plan for our upcoming clinical and regulatory milestones, this investment supports efforts that will bring AtaCor’s novel products to patients.”