CircuLite Raises $30M in Series D Funding
CircuLite, Inc., a Saddle Brook, NJ-based developer of innovative solutions to improve the treatment of advanced heart failure, has raised $30min Series D funding.
The round was led by new investor MacAndrews & Forbes Holdings Inc., and Forbion Capital Partners.
In conjunction with the funding, Eric A. Rose, M.D., Executive Vice President of Life Sciences, and Michael C. Borofsky, Senior Vice President of MacAndrews & Forbes, have joined the company’s Board of Directors.
CircuLite intends to use the capital to fund the European commercial launch of its Synergy circulatory support system for patients with Class IIIb and early Class IV heart failure, pending the receipt of CE Mark approval expected in the first half of 2012. The funding will also support the U.S. clinical development of Synergy from a pilot IDE study through the initiation of a pivotal trial, and will enable CircuLite to initiate a first-in-man study in Europe with an endovascular system.
Led by President and CEO Paul Southworth, CircuLite is developing Synergy, a miniature ventricular assist system designed to provide a new minimally invasive treatment option for patients with chronic heart failure who are not responding to standard medical care. According to the company, Synergy’s Micro-Pump is the size of a AA battery, circulates up to 4.25 liters of blood per minute, and is intended to reduce the heart’s workload while improving blood flow to vital organs.