Friday, June 20, 2008

CardioFocus collects $9M in third round

By Ryan McBride

Medical devices startup CardioFocus Inc. has brought in fresh private capital, according to federal documents, and the firm appears to still be in development of a product to treat a common cardiac arrhythmia.

CardioFocus, based in Marlborough, is in the midst of a clinical trial for a device intended to treat atrial fibrillation in order to gain approval from the U.S. Food and Drug Administration, according to the company’s website. Company officials did not return phone calls regarding the study and financing.   

Last month the firm raised $9 million in a Series C round of private capital, according to a U.S. Securities and Exchange Commission filing. The latest financing is part of a third round of venture capital the company announced in April 2006, when it raised $21.5 million to develop the device to treat atrial fibrillation.

Atrial fibrillation is a condition in which irregular electrical signals in the atrium of the heart cause faster-than-normal heartbeats, leading to potential cardiac arrest and strokes. The American Heart Association reports that 2.2 million Americans suffer from the condition.

CardioFocus’ device is a catheter that delivers a laser to cardiac tissues affected by atrial fibrillation, according to the company. The lasers are designed to remove the tissue linked to the irregular signals.    

The company faces serious competition from medical devices giant Boston Scientific Corp., based in Natick. Boston Scientific in April said it would buy San Diego-based CryoCor Inc., which is developing a catheter-based device to treat atrial fibrillation, for $17.6 million.