Endosense, a medical device manufacturer that specializes in catheter ablation technology, announced that its Series C round of funding is closed. To date, the company has been able to raise $40.3 million from both existing and new investors.
The Geneva-based company’s Series C funding was directed under the leadership of NGN Capital, a new investor. However, the current round of funding also received a high level of participation from employees and existing investors.
According to a press release, the company will use its new capital to fund the development and marketing of its TactiCath Quartz force-sensing catheter. In addition, the company plans to add a sales team in Europe to boost the commercial growth of its new product. Capital from the Series C round will also be used to facilitate regulatory approval and manage clinical trials.
While the company is receiving favorable attention from investors, Endosense faces some tough competition in its market niche. Johnson & Johnson’s Biosense Webster division develops catheter ablation technology similar to that produced by Endosense.
In June of 2012, the E.U granted CE Mark approval for the company’s third-gen TactiCath Quartz. This makes Endosense the only manufacturer besides Johnson & Johnson’s Biosense Webster with a device that can detect force being applied to heart muscles during a catheter-assisted cardiac ablation procedure.
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