S4 Medical moves a step closer in developing the most comprehensive solution to protect the esophagus from thermal injury during catheter ablation procedures for atrial fibrillation (AF) with the closing of their Series A financing. Three new shareholders – Jobs Ohio, Angel Physician Fund, and an unnamed strategic investor -- have come on board, along with existing investors, to help accelerate efforts towards commercialization.
The Series A funding will be used primarily to conduct the company's Investigational Device Exemption study, which is estimated to begin in July 2021. The company has already achieved several important milestones including first-in-human testing, securing intellectual property, and demonstration of compatibility with electrophysiology systems.
S4 Medical was cofounded by Dr. Emile Daoud of The Ohio State University, and William Fuller. The company's primary product is the esolution catheter – a patented device intended to safely deviate and protect the esophagus during catheter ablation for AF.
Cofounder, Chief Medical Officer, coinventor of the device, and Electrophysiology Section Chief at The Ohio State University, Emile Daoud, MD, says: "We are thrilled at the closing of this investment and excited to begin our pivotal trials. If successful, the esolution device will be well received by electrophysiologists as an added benefit for managing patients undergoing AF ablation."
Since its founding in late 2017, S4 has moved quickly and achieved significant milestones towards bringing the esolution device to market. "S4 offers a world-class solution to a big problem and a large market opportunity," says cofounder and CEO William Fuller. "Our existing and new investors see the promise of S4's solution and the possibility to provide additional safety to catheter ablation procedures."
"We immediately recognized the value of S4's technology and are pleased to not only participate in this financing but also to support S4 as it goes into its clinical studies," says Manish Bhandari, MD, managing partner of the Angel Physician Fund of Cincinnati, which comes into the round with a wealth of clinical and entrepreneurial experience.
S4 board member and managing director of the Columbus-based Ohio Innovation Fund (OIF), Bill Baumel, adds: "OIF confidently reinvests in S4 Medical and its mission of bringing cutting edge research to market – with the aim of making a huge positive impact on people's lives."
"AF ablation is a large and fast-growing market," says Hardik Desai, senior partner at Jumpstart Inc, of Cleveland, Ohio, "and we're happy to support S4 as they enter the clinical phase towards commercialization to address this critical unmet need." Jumpstart, which focuses on early stage investing and has been involved with S4 from the start, also reinvested in the Series A round.