Dive Brief:
- Field Medical, the pulsed field ablation startup led by Farapulse inventor Steven Mickelsen, has closed a $40 million financing round, the company said Monday.
- The funding will help Field complete a first-in-human investigational trial for its PFA system to treat ventricular tachycardia and another study in atrial fibrillation, as well as scale up for a pivotal trial in VT.
- While Boston Scientific and Medtronic have seen tremendous success over the past year with the introduction of PFA systems to treat AFib, a common irregular heart rhythm, Field aims initially to differentiate itself by addressing VT, an arrhythmia characterized by a rapid heartbeat that can lead to sudden cardiac arrest.
Dive Insight:
PFA is reshaping clinical practice in the electrophysiology market as physicians switch to the technology from older methods that use heat or extreme cold to ablate the cardiac cells causing AFib. Instead, PFA uses electrical pulses to destroy the cells with less damage to surrounding tissue.
The Farapulse PFA system, which Boston Scientific acquired when it bought Mickelsen’s startup of the same name, has driven triple-digit growth in its electrophysiology business.
As CEO and founder of Field, Mickelsen is now focused on applying PFA to tackle VT, a condition the electrophysiologist maintains requires better treatment options. In a recent interview with MedTech Dive, Mickelsen called VT a “true unmet need” in medicine due to a lack of effective drugs to manage the condition.
Medtronic is also studying the use of PFA to treat VT with its Affera and Sphere-9 technologies.
Field’s Series A funding will allow the Cardiff-by-the-Sea, California-based company to accelerate development of the FieldForce ablation system as it works toward commercialization. The financing consists of $20 million in new capital and the conversion of $20 million in seed round debt.
In addition to advancing a PFA treatment for VT, Field is developing its technology to treat a range of arrhythmias, including AFib, where it could compete with Johnson & Johnson, Abbott, Boston Scientific and Medtronic.
