Private investors led the funding for the Cardiff-by-the-Sea, California-based cardiac ablation technology developer. Multiple strategic investors also joined the round. The company earmarked the funds to support preclinical-to-clinical development activities. That includes first-in-human studies slated to begin in early 2024.
Field Medical was founded last year by Dr. Steven Mickelsen, the founder of Farapulse. Mickelsen also serves as CEO. He led his previous pulsed-field ablation (PFA) technology developer to an acquisition worth at least $460 million by Boston Scientific in 2021. Boston Scientific recently shared positive updates on that Farapulse technology, which Field Medical could eventually look to rival.
The company’s core products, the FieldForce Catheter and FieldForce Generator use proprietary FieldBending technology. According to a news release, this addresses the limitations of first-generation PFA technologies and unmet needs in cardiac care. It treats any cardiac arrhythmia while expanding its capabilities to treat complex ventricular arrhythmias.
Field Medical expects to share preliminary clinical results in mid-2024. It said future milestones can position the company for more growth as it builds its team. The company also aims to finish all necessary clinical pilot studies and secure regulatory approvals through pivotal trials.
“At Field Medical our goal is to be the industry leader in pulsed field catheter ablation by building technology that physicians need and patients deserve. In today’s uncertain investment climate, we are thrilled to have attracted such strong attention from the investor community and strategic partners,” said Mickelsen. “I credit the talented team at Field Medical for forming the vanguard of our innovation and moving the project forward at an incredible pace.”