New Enterprise Associates at heart of $25m Topera Series C financing


news_med_heartandstethoscope.lrg_.jpgNew Enterprise Associates made its first investment in venture-backed medical device company Topera by leading a $25m Series C financing round.

The business has developed a mapping and targeting system to identify the sources of irregular heartbeats.

Topera said it planned to use the proceeds to support the commercial launch of its RhythmView WorkStation and FIRMap Catheter in Europe and the US, and advance its R&D pipeline.

The Heart Rhythm Society said up to seven million people worldwide suffer from atrial fibrillation, with the number in the US alone projected to increase to between eight and 12 million over the next 30 to 40 years.

NEA partner Justin Klein has joined the Topera board of directors as part of the financing.

He said, “We have closely followed the rapidly changing field of atrial fibrillation, including the understanding of the mechanisms that sustain cardiac arrhythmias and especially the opportunity to improve clinical outcomes and health economics through next generation 3D mapping.

“With its game-changing technology, extensive intellectual property, and commitment to rigorous clinical science, we believe Topera’s leadership in this field positions them well to build a valuable new franchise in electrophysiology.”

Last June NEA took part in a $48.4m Series B financing for PhaseBio, a clinical-stage biotechnology company developing drugs to treat diabetes, metabolic disease and cardiovascular disease.

The close followed receipt of the third tranche to advance the company’s product development programmes, the company said in a statement.

Copyright © 2013 AltAssets