Field Medical has closed its oversubscribed seed round totalling $14 million to support preclinical to clinical development activities, including first-in-human studies planned for early 2024.
The convertible note funding was led by private investors who were joined by multiple strategic investors.
Field Medical is developing a promising second-generation pulse field ablation (PFA) system for the $3.6 billion cardiac catheter ablation market – a market rapidly accelerating at 14% CAGR. The company was founded in 2022 by world recognized expert in PFA and practicing electrophysiologist Dr. Steven Mickelsen. Prior to Field Medical, Dr. Mickelsen was the founder of FARAPULSE Inc. (WW first-generation PFA) which was acquired by Boston Scientific for $460M+ in 2021. The company’s core products – the FieldForce™ Catheter and the FieldForce™ Generator – use proprietary technology called FieldBending™ – which represents a major step forward to overcome limitations of first-generation PFA technologies and address a huge unmet need to treat any cardiac arrhythmia while expanding capabilities to also treat complex ventricular arrhythmias.
“Dr. Steven Mickelsen is a renown cardiac electrophysiologist and is known as the father of cardiac pulse field ablation,” said lead investor Tajar Varghese. “He and the team at Field Medical are poised to revolutionize the cardiac ablation market with the next evolution of this technology, and I fully believe they will do just that.”
Field Medical was launched a little over a year ago with a goal of reinventing catheter ablation and applying the insights learned from established market technologies and emerging first generation PFA. The lean start-up environment provides a foundation for pioneering tools that reach beyond indications like paroxysmal atrial fibrillation. In that context, PFA is well-recognized for the safety benefits and positive impact on procedural speed, however applications outside of the left atria remain largely unexplored. PFA has obvious potential to open up new market opportunities where current state-of-the-art and emerging PFA technology is lacking.
“At Field Medical our goal is to be the industry leader in pulsed field catheter ablation by building technology that physicians need and patients deserve. In today’s uncertain investment climate, we are thrilled to have attracted such strong attention from the investor community and strategic partners,” said Dr. Steven Mickelsen, CEO, Field Medical. “I credit the talented team at Field Medical for forming the vanguard of our innovation and moving the project forward at an incredible pace.”
Field Medical anticipates sharing preliminary clinical results in mid-2024. These forthcoming milestones will position the company for further growth as they continue to build out the team, finish all necessary clinical pilot studies, and secure regulatory approvals (CE Mark and FDA) through pivotal trials. Field Medical is on track to redefine pulsed field catheter ablation culminating in future commercialization.