Adagio Medical Secures $7M Equity Financing to Advance Novel Cryoablation Catheter Technology for Cardiac Arrhythmias

VCBeat (WeChat ID: vcbeat) has learned that medical device company Adagio Medical recently secured $7 million in equity financing. The funding came from seven investors, although the company did not disclose their specific identities. To date, Adagio Medical has completed three rounds of financing. In August 2014, the company raised $4.1 million in venture capital.

According to a filing with the U.S. Securities and Exchange Commission, Adagio Medical is raising an additional $13 million in funding, bringing the total amount of this financing round to $20 million.

Adagio Medical, founded in 2011 and headquartered in California, USA, is a medical device company dedicated to researching and developing novel therapies for patients with cardiovascular diseases. The company is developing a new ultra-low temperature cryoablation technology capable of creating safe, durable transmural lesions to treat atrial flutter, ventricular tachycardia, and cardiac arrhythmias, including paroxysmal and persistent atrial fibrillation.

It is understood that cryoablation is a surgical medical technique used to eliminate target tissue through freezing. Cryoablation is a new technology for treating arrhythmias, invented by researchers following the development of radiofrequency ablation. Its principle involves the endothermic evaporation of liquid refrigerants, which removes heat from the tissue and lowers the temperature at the target ablation site. Extensive clinical data indicate that, compared with traditional radiofrequency ablation, cryoablation is easier for physicians to perform and offers advantages such as shorter procedure times, improved therapeutic outcomes, reduced incidence of severe complications like thrombosis, and decreased patient pain.

Last October, Adagio Medical launched the OneShot+ cardiac cryoablation catheter, designed to streamline procedural workflows for achieving pulmonary vein isolation (PVI) and delivering additional continuous ablative lesions to non-pulmonary vein targets in the treatment of patients with atrial fibrillation. The catheter enables the creation of continuous and focal transmural lesions across the entire atrial endocardium, including the pulmonary vein antra, posterior wall, mitral isthmus, and tricuspid isthmus. It allows for rapid access to lesion sites and real-time electrogram monitoring to confirm lesion formation.

Olav Bergheim, CEO of Adagio Medical, stated, “For the past seven years, we have been dedicated to developing ultra-low temperature cryoablation technology. Recently, our research has focused on further simplifying the operational procedure for OneShot+, enabling physicians to isolate all pulmonary veins with continuous transmural lesions in under 20 minutes.” To date, more than 50 patients with arrhythmia have been successfully treated using OneShot+.

It is reported that the cryoablation catheter market is experiencing rapid growth. Previously, medical device company Medtronic had dominated this market. However, according to an article published by the U.S. healthcare media outlet GlobalData, Adagio Medical’s launch of its OneShot+ system has challenged Medtronic’s dominant position in the cryoablation catheter market.

(Compiled by Jiao Yanli)