CircuLite, a Saddle Brook, New Jersey medical device company, has raised $30 million in an oversubscribed series D round of financing for the development of what it describes as the world’s smallest surgically implanted blood pump for heart failure patients.
MacAndrews & Forbes Holdings, a new investor, led the round with Forbion Capital Partners, CircuLite’s largest investor and also founding venture capital investor for the company.
The proceeds from the series D financing will be used to support the commercial launch of the Synergy circulatory support system in Europe for patients with Class IIIb and early Class IV heart failure, when the company receives the CE Mark approval expected in the first half of 2012.
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The funding will also go toward U.S. clinical development of its Synergy pump system from a pilot investigational device exemption, or IDE, study through the initiation of a pivotal trial. It will also enable CircuLite to initiate a human study in Europe with an endovascular system.
Dr. Avi Molcho of Forbion Capital Partners and a board director for CircuLite said: “The company’s products address the largest heart failure patient population when compared to any other device-based treatment, ranging from the less sick to severe heart failure patients, positioning CircuLite as the leading future player in this field.”
Among the investors in the company are Crédit Agricole Private Equity, Saints Capital, Foundation Medical Partners and SB Life Science Ventures.
Dr. Eric A. Rose and Michael C. Borofsky of MacAndrews & Forbes have joined CircuLite’s board of directors. Rose worked as chairman of the department of surgery and surgeon-in-chief of the Columbia Presbyterian Center of New York Presbyterian Hospital prior to joining MacAndrews & Forbes in 2007. Borofsky previously worked for Skadden Arps Slate Meagher & Flom prior to joining the firm in 2003.
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