Friday, March 8, 2013

nContact raises $6.7M of $13M goal from 10 investors

CED Member nContact, a developer of products to treat arrhythmias or disorders of the heart rate, has raised $6.74 million from 10 different investors, according to an SEC filing made Friday.

The $6.74 million represents a little more than half of the anticipated $13 million that the company is raising through venture capital financing.

In January 2012, nContact raised close to half a million dollars in debt financing.

According to WRAL Tech Wire and CED records, nContact has now raised nearly $50 million in financing, including a $16 million series D round from venture capital firms Intersouth Partners, Harbert Venture Partners, Finistere Ventures, Massey Burch Capital and ZMV Associates in 2010.

Founded in 2005, nContact focuses on developing catheters and surgical ablation devices for arrhythmia treatment, including atrial fibrillation. The company has developed a way to perform minimally invasive ablation procedures to treat arrhythmias.

The devices can work on a beating heart without chest incisions or ports. nContact’s device treats patients with enlarged atria, a group representing the majority of atrial fibrillation patients.

nContact was a presenting company at the CED Life Science Conference 2012 one year ago.

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