Robotic surgery aspirant receives $4M+ in equity financing

Magnetecs' Robotic Catheter Guidance Control and Imaging System--Courtesy of Magnetecs

Robotic surgery player Magnetecs has sold $4.37 million in equity, pushing its total equity haul past $12 million since 2009, in addition to $3 million in debt financing, SEC filings show.

The company is developing an investigational joystick-guided catheter and imaging system for radiofrequency ablation (or destruction) of tissue associated with cardiac arrhythmias, or abnormal heart rhythms. These can include atrial fibrillation, which is a common warning sign of stroke.

The company obtained a CE mark in 2011 and said at the time that it aims to enter the U.S. via the 510(k) clearance pathway, but it has not yet achieved that feat or significant commercialization in Europe.

Currently, ablation catheters are manually guided through the chambers of the heart, but Magnetecs says its Robotic Catheter Guidance Control and Imaging System has strong maneuverability because it can be controlled via a joystick, or using automation when in so-called automatic magnetic mode.

Using a computer-generated map, the device maps out a path that will bring the catheter into contact with the tissue to be treated. If the catheter deviates from the planned route, sensors alert the physician operating the device, and the tip is guided back into contact with the desired tissue with the help of a magnetic field created by the system, the company says on its website.

In addition, a 3-D display integrates images from standard cardiac imaging equipment to provide the physician with all the necessary data and information needed to perform the procedure, Magnetecs says.

It touts several advantages of the device on its website, including reducing physician and patient exposure to X-rays (which increase the risk of developing cancer), improved accuracy of ablation, a reduction in the need for training due to automation, and faster procedure times.

- here's the SEC filing

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