Protaryx Medical announced today that it raised $8.3 million for the development of its first-in-class device for transseptal access to the left atrium.
The Baltimore-based company’s funding includes non-dilutive grants and a seed round totaling $3.2 million, along with a recently closed $5.1 million Series A round led by Ajax Health, with participation from returning investor University of Maryland Ventures.
Protaryx’s device is designed for use in catheter-based procedures, including mitral valve repair and replacement, left atrial appendage closure and catheter ablation to treat cardiac arrhythmias, according to a news release.
The company designed the system to give physicians confidence in accuracy and safety during procedures through independent steerability and three-dimensional control, streamlining rapid crossing to the left heart. Currently, the Protaryx device is not commercially available anywhere.
“There is currently an opportunity for technologies that can optimize access to the left atrium during beating-heart cardiology procedures, a market that continues to see worldwide growth,” Protaryx CEO & co-founder Terri Burke said in the release. “We’re pleased to partner with the experienced team at Ajax Health to leverage its proven expertise and reputation for supporting successful emerging medical device companies.”
Additionally, Ajax Health CFO & managing director Doug Koo, along with chief medical officer & managing director Aftab Kherani, will join Protaryx’s board of directors.
“We are pleased to include Protaryx in the Ajax portfolio, and I’m personally excited to join the board to move this innovative company forward,” Koo said. “We have been impressed with the team and the potential of this unique technology to fill a growing clinical need in cardiovascular care.”