Chicago-based emerging medical device firm Advanced Cooling Therapy (ACT) has closed a $1.5 million Series A financing round to support the full commercial launch of its first product, the Esophageal Cooling Device (ECD) to control patient temperature.
Investors include Heartland Angels, Gopher Angels and TWB Investment Partnership along with several individual investors.
The ECD is a single use, fully-enclosed triple lumen system that is inserted into the esophagus to modulate and control patient temperature when clinically indicated. Two lumens attach to existing temperature modulation equipment while a third lumen simultaneously allows gastric decompression and drainage. The ECD can be rapidly inserted by most trained health care professionals, in similar fashion to a standard gastric tube, and can be used to control patient temperature in the operating room, recovery room, emergency room, or ICU. No other product on the market is approved to use the esophageal environment for whole-body temperature modulation. The device has a CE mark for commercial sale in Europe and is licensed for sale in Canada as well. The ECD is pending clearance from the FDA for use in the US.
ACT announced in April that they received their CE Mark. CE marking indicates a product complies with EU legislation and enables the free movement of products within the European market. CE marking applies to the use of the ECD in participating European Economic Area countries only and does not apply in the US.
“We are grateful that our high-caliber Series A investors, with access to many other potential investments in their deal flow, chose to support ACT’s commercial launch of the ECD. The funds will be used to help our distribution partners in the EU and Canada successfully launch and support the product, and to shepherd the ECD through FDA regulatory approval for launch in the US. As an emergency medicine doctor and inventor of the ECD, I could not be more pleased that the life-saving benefits of temperature control will now be easily and rapidly available to patients through the use of this practical device.” commented ACT’s President and Co-Founder, Erik Kulstad, MD, MS.
Advanced Cooling Therapy’s novel technology platform provides improved methods to control patient temperature where clinically indicated using the esophageal environment.
ACT will be presenting at the 2014 AdvaMed Conference.
About the Investors:
Heartland Angels is an open network of individuals looking to assist seed and early stage companies in obtaining investment capital and in furthering their innovations. Our mission is to be a catalyst in the process of innovation. We do this by creating forums in which human, intellectual and financial capital are joined for a common purpose.
Gopher Angels is a network of accredited investors seeking to invest capital and expertise in early stage Minnesota and MidWest businesses. Gopher Angels members are experienced entrepreneurs, business leaders, and investors who have helped build successful ventures. GA members have diverse industry and business expertise, resulting in a well-rounded and networked group of experience and talent.
TWB Investment Partnership is an investment vehicle comprised of accredited Perkins Coie attorneys. With more than 950 lawyers in 19 offices across the United States and Asia, Perkins Coie represents great companies across a wide range of industries and stages of growth—from start-ups to FORTUNE 50 corporations. Commenting on the financing, John Schreiner, the Perkins Coie attorney who represented ACT in the financing, said, “Perkins Coie has a long history of helping early-stage companies access the funding they need to grow and commercialize. ACT’s technology has the potential to not only improve the ability of doctors and nurses to quickly manage patient temperature but to save patient lives as well”.