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Left Atrial Appendage Occlusion Device Maker Conformal Medical Raises $35 Million in Oversubscribed Series D Round

June 21, 2023

On June 5, 2023, Conformal Medical Inc., developer of a left atrial appendage occlusion system, announced a successful Series D funding round, raising a total of $35 million. The round was led by SPRIG Equity with participation from all major Series C investors.

Conformal Medical stated that its “CLAAS® System is designed to seal the left atrial appendage (LAA) in patients with non-valvular atrial fibrillation (Afib) to reduce the risk of stroke without the need for anticoagulants.” Further, the “proprietary CLAAS® technology features a foam-based architecture designed to conform to a broad range of LAA anatomies with only two sizes. The CLAAS device further aims to simplify the procedure by allowing off-axis positioning while providing a more uniform seal.” An image of an occlusion device from the company’s website is shown below:

It is reported that “[t]he new funding round reflects the progress and achievements the company has made, including the initiation of its Conform clinical trial,” which “is the company’s pivotal trial that evaluates the safety and efficacy of the CLAAS system compared to other commercially available LAAO devices and will support U.S. FDA premarket approval.”

Conformal Medical CEO James Reinstein stated in a news release:

Conformal Medical is committed to bringing the innovative CLAAS System to the large and rapidly growing LAAO market in the United States. 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. We are thrilled with the ongoing support of our investors and welcome Sprig Equity in recognizing the significant market opportunity and the potential advantages our system can provide.

Evan Norton, Managing Partner of SPRIG Equity, stated that “SPRIG Equity is focused on enabling transformative medical technology companies to achieve meaningful milestones, and more importantly, improve the quality of human life.  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.”

The full press release by Conformal Medical is available here.

 

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