Conformal Medical raises $35M in oversubscribed Series D

June 5, 2023 By Danielle Kirsh

Conformal Medical today announced the successful completion of its Series D funding round, where it raised a total of $35 million.

The oversubscribed Series D was led by Sprig Equity, with participation from all major Series C investors.

"Sprig Equity is focused on enabling transformative medical technology companies to achieve meaningful milestones and, more importantly, improve the quality of human life," said Managing Partner Evan Norton. "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."

Nashua, New Hampshire-based Conformal Medical currently makes a left atrial appendage occlusion device. The device seals the left atrial appendage in patients with non-valvular atrial fibrillation to reduce the risk of stroke without the need for anticoagulants.

The new funding round reflects the progress and achievements the company has made, including the initiation of its Conform clinical trial. The Conform trial 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's CLAAS technology uses a foam-based architecture that conforms to a broad range of LAA anatomies with only two sizes. The company aims to simplify the procedure by allowing off-axis positioning while providing a more uniform seal. The CLAAS implant may also be able to eliminate the need for a procedural transesophageal echocardiogram so that the procedure could be conducted without general anesthesia, according to the company.

"Conformal Medical is committed to bringing the innovative CLAAS System to the large and rapidly growing LAAO market in the United States," CEO James Reinstein said in a news release. "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."

Filed Under: Business/Financial News, Cardiovascular, Replacement Heart Valves, Stents Tagged With: Conformal Medical