FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Hercules Provides $20MM Financing to nContact

November 13, 2014, 07:34 AM
Filed Under: Medical

nContact, a leader in the development of Arrhythmia Disease Management Programs, announced that it has entered into a $20 million growth capital financing agreement with Hercules Technology Growth Capital, Inc. The company plans to use this financing to support its ongoing CONVERGE IDE Clinical Trial, expand its field support teams, and further next-generation product development.

nContact President and CEO, John Funkhouser, stated, "We are pleased to secure growth capital to further our CONVERGE clinical trial, as well as expand our ability to enter strategic partnerships with hospitals adopting Disease Management Programs. This financing will allow us to advance our global leadership position in the treatment of persistent atrial fibrillation, a vastly underserved population where patients are searching for first-line treatment options. The shift to disease management is a strategic imperative for all hospitals in this new era of managed care, to address readmissions and provide a continuum of care for patients with chronic diseases."

"After carefully reviewing the clinical data to date, we were very impressed with the Convergent Procedure and its patient outcomes," said Hercules Technology Growth Capital Managing Director Chad Norman. "We at Hercules are proud to partner with the talented team at nContact."

Armentum Partners advised the Company in connection with the financing.

nContact's mission is to transform the underserved arrhythmia market through the advancement of less invasive ablation alternatives for cardiac arrhythmias. The Company is conducting the CONVERGE IDE Clinical Trial, the first head-to-head study to evaluate the Convergent Procedure to catheter ablation in persistent atrial fibrillation patients.

Hercules Technology Growth Capital, Inc. is a leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology industries, at all stages of development. Since inception (December 2003), Hercules has committed more than $4.6 billion to over 300 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.