Field Medical, Inc. Secures Robust Support in Successful Seed Funding Round to Advance Next-Generation Cardiac Ablation Technology
Tuesday, September 19, 2023
Field Medical, Inc. has successfully closed its seed funding round, raising $14 million, with the support of private investors and strategic partners. This funding will be instrumental in advancing Field Medical's preclinical and clinical development efforts, including the commencement of first-in-human studies in early 2024.
Field Medical is currently in the process of developing a second-generation pulsed field ablation (PFA) system, which holds significant promise within the $3.6 billion cardiac catheter ablation market, a sector experiencing rapid growth at a rate of 14%. The company was founded in 2022 by Dr. Steven Mickelsen, an esteemed expert in pulsed field ablation and a practicing electrophysiologist. Prior to founding Field Medical, Dr. Mickelsen achieved success with FARAPULSE Inc., the world's first-generation PFA system, which was acquired by Boston Scientific for over $460 million in 2021.
Field Medical's flagship products, the FieldForce catheter™ and the FieldForce™ generator, make use of a proprietary technology known as FieldBending™. This technology represents a significant breakthrough, addressing the limitations of first-generation PFA technologies and offering a solution to treat a wide range of cardiac arrhythmias, while also enhancing the treatment capabilities for complex ventricular arrhythmias.
Lead investor Tajar Varghese expressed confidence in Field Medical's potential to revolutionize the cardiac ablation market, recognizing Dr. Steven Mickelsen's reputation as a leading figure in the field of cardiac electrophysiology.
Founded just over a year ago, Field Medical is driven by the ambition to innovate catheter ablation by incorporating insights from established and emerging field catheter ablation technologies. The startup environment has proven conducive to the development of innovative tools that expand beyond traditional applications, such as paroxysmal atrial fibrillation. Although PFA is recognized for its safety advantages and positive impact on procedural speed, its potential applications beyond the left atrium have remained relatively unexplored.
Dr. Steven Mickelsen, CEO of Field Medical, emphasized the company's mission to lead the pulsed-field catheter ablation industry by developing technology that meets the needs of both medical practitioners and patients. He expressed gratitude to the dedicated Field Medical team for driving innovation forward at an impressive pace.
Field Medical has outlined its future plans, with preliminary clinical results anticipated in mid-2024. These milestones will enable the company to continue its growth, expand its team, complete essential pilot clinical studies, and secure regulatory approvals (CE and FDA marks) through pivotal trials. Field Medical remains on track to redefine pulsed-field catheter ablation in preparation for future commercialization.