Field Medical, a company founded by electrophysiologist Steven Mickelsen, has successfully raised $35 million in a Series B funding round. This financial boost aims to propel the company’s pivotal trial of pulsed field ablation (PFA) technology for treating ventricular tachycardia, a potentially life-threatening heart rhythm disorder.
The funding round was led by BioStar Capital and Cue Growth, with contributions from existing strategic investors. This investment marks a significant step in Mickelsen’s journey, who previously invented the Farapulse PFA system now under Boston Scientific’s portfolio. Following Boston Scientific’s acquisition of Farapulse, Mickelsen established Field Medical in 2022 to focus on ventricular tachycardia, leveraging PFA technology.
Understanding Pulsed Field Ablation
Pulsed field ablation has gained traction among physicians for its potential to safely ablate cardiac tissue responsible for abnormal heart rhythms, particularly atrial fibrillation (AFib). Medtronic and Boston Scientific introduced the first PFA systems in the U.S. market in late 2023 and early 2024. This technology is noted for reducing risks to the esophagus and offering a quicker procedure compared to traditional ablation methods.
Johnson & Johnson has also entered the PFA market, while Abbott is anticipating FDA approval for its Volt system by 2026. Field Medical, based in Cardiff-by-the-Sea, California, is now aiming to expand the use of PFA to treat ventricular tachycardia.
The Need for Innovation in Ventricular Tachycardia Treatment
Ventricular tachycardia remains one of the most underpenetrated segments in electrophysiology. Despite its prevalence, there is a notable lack of effective tools available to physicians. Mickelsen, CEO of Field Medical, emphasized the parallels between the current state of ventricular tachycardia treatment and the early days of the AFib market.
“Ventricular tachycardia is among the most underpenetrated segments in electrophysiology, yet physicians still lack the tools they need,” Mickelsen stated. “What is exciting is how VT is mirroring the early days of the [AFib] market.”
According to Louis Cannon, founder and senior managing director of BioStar Capital, Field Medical is addressing a significant challenge in cardiology with its innovative approach. The company’s physician-led team is seen as bringing crucial insights, while their FieldForce platform is providing essential tools for advancing VT care.
Financial and Strategic Implications
This latest funding round follows a previous $40 million investment in April, bringing Field Medical’s total funds raised to $75 million. The new capital will support the commencement of the pivotal Veritas trial, further development of the FieldForce system, and expansion of the company’s clinical and regulatory capabilities.
“Their physician-led team brings the right insight, and their FieldForce platform brings the right tools. We’re proud to support this next chapter as they move closer to transforming VT care,” Cannon remarked.
The announcement comes as Field Medical continues to position itself at the forefront of innovation in cardiac care. By focusing on pulsed field ablation for ventricular tachycardia, the company is not only addressing an unmet clinical need but also setting the stage for potential breakthroughs in the treatment of complex arrhythmias.
Looking Ahead
As Field Medical advances its clinical trials, the implications for patient care and the broader medical community are significant. Should the Veritas trial prove successful, the company’s PFA system could offer a new standard of care for patients with ventricular tachycardia, potentially reducing the risk of sudden cardiac death.
With strategic support and a clear focus on innovation, Field Medical is poised to make a substantial impact in the field of electrophysiology. The journey ahead will be closely watched by investors, medical professionals, and patients alike, as the company seeks to redefine treatment paradigms for one of cardiology’s most challenging conditions.
