nContact Surgical, Inc., a Morrisville, NC-based cardiac ablation device manufacturer, has closed a $16m Series D equity financing round.
The round was led by existing investors, Harbert Venture Partners, with participation from new investor, ZMV Associates.
This brings the total amount raised by teh company to date to $42.4m.
nContact intends to use the capital to support its ongoing clinical trials, further product development, and enable hiring for new positions.
founded in 2005, the company manufactures a guided epicardial ablation device that is designed to integrate suction, perfusion, and RF-energy to create visible, continuous, non-conductive, bi-atrial lesions. Lesions are applied endoscopically on a beating heart, without chest incisions or ports.
This technology is currently FDA cleared for endoscopic cardiac coagulation in the U.S. and is being further studied through IDE clinical trials for the treatment of atrial fibrillation (AF) in both open and closed chest procedures.
According to the company, it has enabled physicians to develop the Convergent Procedure, which brings together a cardiac surgeon and electrophysiologist into a comprehensive procedure that may provide an effective, completely closed chest treatment option for even the most difficult to treat AF patients.
nContact recently received a $244,479 grant through the Qualifying Therapeutic Discovery Project, a federal grant program created as part of the Patient Protection and Affordable Care Act of 2010 to advance research in areas of unmet medical need.