Topera Collects $25M in Series C FundingFriday, April 26, 2013
San Diego-based Topera Inc. has announced a $25 million series C financing round to commercialize its medical device that treats irregular heartbeats. The funds will also be used to grow the company’s research and development pipeline and its clinical development program, Topera said in a statement.
The funding for the privately held company comes from New Enterprise Associates, a Menlo Park-based investment firm that focuses on informational technology and medical devices.
The device specifically is geared to treat atrial fibrillation, a type of irregular heartbeat that increases the risk of stroke fivefold. The condition’s prevalence in the U.S. is expected to increase from 3.4 million to 8-12 million over the next 30 years, the company said, adding that the global market for medical devices that treat atrial fibrillation was approximately $2.5 billion in 2012.
“With its game-changing technology, extensive intellectual property, and commitment to rigorous clinical science, we believe Topera’s leadership in this field positions them well to build a valuable new franchise in electrophysiology,” said Justin Klein, an NEA partner who has also joined the Topera board of directors.