PLYMOUTH, Minnesota — A new $30 million investment will help the atrial fibrillation device-maker Atritech complete a U.S. Food and Drug Administration review and launch its product in Europe, according to a press release.
Atritech’s product, Watchman, would prevent strokes by stopping blood clots from entering the blood stream. It’s meant for atrial fibrillation patients who don’t want to use blood-thinning drugs such as warfarin.
About 110 devices have been implanted through a federal exemption while under FDA review. The agency is currently reviewing clinical trial results that compared the device against warfarin. Atritech will announce the results of that review on April 23.
Thomas, McNerney & Partners led the round along with a substantial investment from Split Rock Partners and insider investments from Prism Ventures, Tullis-Dickerson and Vector Group.
The company stated it has raised about $75 million in the last three years. Since 2003, its raised roughly $100 million, according to filings with the Securities and Exchange Commission.
“After nine years in the development and clinical stage, we are ready to present our case to the FDA and launch commercial operations outside the United States,” Atritech President Jim Bullock stated.
The company is based in Plymouth, Minn.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
