nContact Secures $20 Million in Growth Capital Financing
MORRISVILLE, N.C., Nov. 12, 2014 (GLOBE NEWSWIRE) -- 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., (NYSE:HTGC) , the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including, life science. 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."
The randomized CONVERGE IDE clinical trial is the first head-to-head study comparing the multidisciplinary Convergent Procedure to traditional catheter ablation in the treatment of persistent AF. AF is the most common arrhythmia, affecting 15 million people in the western world, with an estimated 88% falling into the difficult-to-treat persistent AF population. The CONVERGE clinical trial randomizes patients 2:1 between the epicardial-endocardial Convergent Procedure and endocardial-only ablation with fluid-irrigated catheters.
The Convergent Procedure is performed as a single procedure in the electrophysiology lab. The epicardial lesions are created first under direct endoscopic visualization by a surgeon, through a 2 cm incision in the abdomen, with no chest incisions or ports. The endocardial lesions are created by an electrophysiologist, using specialized mapping and diagnostics to ensure a comprehensive approach.
"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.
About nContact, Inc.
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. The Company's lead technology, EPi-Sense® Coagulation System with VisiTrax®, has CE Mark approval in Europe for the coagulation of cardiac tissue in the treatment of atrial fibrillation and atrial flutter. The EPi-Sense Coagulation System with VisiTrax is indicated for endoscopic coagulation of cardiac tissue in the U.S. nContact was founded in 2005 and is headquartered in Morrisville, North Carolina, USA.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) ("Hercules") is the 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.
Hercules' common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of 7.00% Senior Notes due April 2019, 7.00% Senior Notes due September 2019, and 6.25% Senior Notes due July 2024, which trade on the NYSE under the symbols "HTGZ," "HTGY," and "HTGX," respectively.
Companies interested in learning more about financing opportunities should contact firstname.lastname@example.org, or call (650) 289-3060.
Kris McCulloch nContact, Inc. T (919) 655-1351