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DC Devices Secures $9 Million Financing; Lumira Capital Joins Syndicate of Leading Investors
Supports Company’s Accelerated Development and Ongoing Clinical Evaluation of the First Transcatheter Device for Diastolic Heart Failure
Tewksbury, Mass. – March 15, 2013 – DC Devices Inc., an innovative medical device company developing first-in-class structural heart devices, today announced that it has secured $9 million in financing. Lumira Capital joined the financing along with the company’s existing investors Third Rock Ventures and General Catalyst, and Gerry Brunk, managing director of Lumira Capital, has joined the DC Devices board of directors. This financing will support DC Devices’ accelerated development and ongoing clinical evaluation of the first trans catheter device for the treatment of diastolic heart failure (DHF), also known as heart failure with preserved ejection fraction (HFpEF).
“Patients suffering from diastolic heart failure have no effective treatment options today, and a mortality rate that rivals that of cancer,” said Mr. Brunk. “With heart failure representing the single largest cause of hospitalizations in many countries, and the largest cost line item in the U.S. Medicare budget, new therapies are desperately needed. We’re very excited to support the DC Devices team in its effort to bring a potentially transformative new therapy to patients.”
DC Devices’ proprietary, minimally invasive InterAtrial Shunt Device (IASD™) System is the first device intended to treat DHF/HFpEF. The IASD System works to relieve increased left atrial pressure, the main cause of DHF/HFpEF symptoms, by placing a permanent implant in the atrial septum designed to reduce the elevated pressure and relieve symptoms. The innovative IASD System allows physicians to perform this transcatheter treatment without open-heart surgery and in a controlled fashion using standard interventional cardiology techniques.
“This is an exciting time of growth and progress for DC Devices, as we have completed our first-in-human safety studies and are currently enrolling a European pilot trial for our proprietary IASD System,” said George Fazio, president and chief executive officer of DC Devices. “We expect to make rapid advances this year, as we work toward our goal of developing a new, minimally-invasive and permanent device for the treatment of DHF/HFpEF that is designed to be cost-effective, and could dramatically improve patients’ quality of life while significantly reducing hospitalization costs.” Mr. Brunk joins the current DC Devices board of directors, which includes: D avid Celermajer, M.D., co-founder, DC Devices; George Fazio, chief executive officer, DC Devices; Paul LaViolette, partner, SV Life Sciences, who serves as chairman; Mark Levin, partner, Third Rock Ventures; and Hemant Taneja, managing director, General Catalyst.
About DC Devices
DC Devices is dedicated to revolutionizing the treatment of heart failure with first-in-class structural heart devices. The company is developing the first transcatheter device for diastolic heart failure (DHF), also known as heart failure with preserved ejection fraction (HFpEF). Its proprietary and innovative InterAtrial Shunt Device (IASD™) System is minimally invasive and is designed to relieve increased left atrial pressure (LAp), the main cause of DHF/HFpEF symptoms. The IASD System is designed to be cost-effective and is intended to dramatically improve patients’ quality of life while significantly reducing hospitalization costs. The IASD System is currently under clinical investigation outside the U.S., and is not available in the U.S. for investigational use or commercial distribution. Founded by experienced and proven leaders in the interventional cardiology space and medical device industry, DC Devices is funded by leading investors Third Rock Ventures, General Catalyst and Lumira Capital. The company is headquartered in Tewksbury, Mass. For more information, please visit www.dcdevicesinc.com.
Katie Wilson, 910-509-3977