Conformal Medical raises $35M to continue development, research of next-gen LAAO device
Conformal Medical, a New Hampshire-based medical device company founded in 2016, has completed a Series D funding round worth $35 million. The new investments come as the company continues developing its CLAAS System, a next-generational left atrial appendage occlusion (LAAO) device for sealing the left atrial appendage (LAA) of patients who present with non-valvular atrial fibrillation (AFib).
According to Conformal Medical, the CLAAS device can reduce a patient’s risk of stroke without anticoagulants. The solution was designed with proprietary foam-based materials that help it conform to the patient’s LAA. Conformal Medical also believes the device may help limit the use of transesophageal echocardiograms, which could help operators perform LAAO without the patient going under general anesthesia.
The CONFORM Pivotal Trial, which will examine data from up to 1,600 adult patients to compare the safety and effectiveness of the CLAAS System with other LAAO devices on the market, is currently enrolling patients. The trial is expected to include patients treated at 32 different U.S. locations. William A. Gray, MD, an interventional cardiologist with the Lankenau Heart Institute in Wynnewood, Pennsylvania, is the trial’s principal investigator.
“Conformal Medical is committed to bringing the innovative CLAAS System to the large and rapidly growing LAAO market in the United States,” James Reinstein, Conformal Medical CEO, said in a prepared statement. “The Series D funding provides us the resources to complete enrollment in the CONFORM trial, drive iterative development projects and broaden the clinical experience of the CLAAS System in expanded geographies.”
SPRIG Equity, a venture capital firm focused on investing in promising healthcare companies, led the Series D funding round, joined by other investors from prior rounds.
“SPRIG Equity is focused on enabling transformative medical technology companies to achieve meaningful milestones, and more importantly, improve the quality of human life,” Evan Norton, managing partner of SPRIG Equity, said in the same statement. “We see the investment in Conformal Medical as an opportunity to accelerate innovation in the LAAO market, which is of strategic importance to major MedTech players.”
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.