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PROPEL Company Attune Medical Closes $10 Million Series C Financing

CHICAGO–(BUSINESS WIRE)–Chicago-based medical device firm Attune Medical has closed a $10 million Series C financing with participation from existing investors, several associates, and new investors. Attune will use the fundraise to support continued revenue growth in the North American market and expansion across key markets worldwide of its EnsoETM esophageal temperature management product line. The EnsoETM is the only patient temperature management system approved for use in the esophageal environment for whole-body temperature modulation, including both warming and/or cooling.

The Series C Financing features continued participation by existing investors such as the Gopher Angels, the Heartland Angels, and TWB Investment Partners, along with many Attune Medical associates. New investors include the PFG Group, plus several other private investors.

“Being located in Minnesota, one of the more significant medical device hubs in the world, our investment team reviews many device investment opportunities,” commented David Russick, Founder of Gopher Angels.

Paul Hansen, former President of 3M Mexico, and member of Gopher Angels, notes “We are investing significantly in Attune Medical for the third time based on the strength of the company’s continued overall market uptake, increasing use on a per-hospital basis, and accelerating expansion into warming applications in the OR for longer, more involved cases when patient warming is a challenge. We are proud to continue to support Attune Medical’s groundbreaking work in improving temperature control for patients.“

John Schreiner, a member of the TWB Investment Partnership and the Perkins Coie attorney who represented Attune in the financing, commented, “Attune Medical’s EnsoETM is shifting the paradigm in targeted temperature management solutions in the healthcare space. This simple, cost-effective and safe platform represents a new, and we think better, option for clinicians who need to cool or warm patients.”

Attune Medical’s Chief Operating Officer, Keith Warner, commented, “This funding from investors sends a strong statement with respect to their confidence in Attune’s success as well as our opportunity for continued growth. Attune’s proven product requires no additional capital equipment purchase, and we are pleased to report continued adoption by a growing number of major hospitals in the U.S. and around the world.”

Formerly known as Advanced Cooling Therapy, Attune Medical has developed proprietary medical device technology that simplifies access to the patient’s core to efficiently control core temperature. Whether warming or cooling, the company optimizes, or “tunes,” patient temperature safely and effectively. Attune’s initial product, the EnsoETM (formerly Esophageal Cooling Device or ECD), is designed to modulate and control patient temperature through a single-use, fully-enclosed system that is inserted into the esophagus. Two lumens attach to an external heat exchange unit while a third, independent, lumen simultaneously allows gastric decompression and drainage. The EnsoETM can be rapidly placed by most trained healthcare 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, and/or intensive care unit. No other products on the market are approved to use the esophageal environment for whole-body temperature modulation.

Attune Medical (as Advanced Cooling Therapy) received US FDA de novo clearance for the EnsoETM (Esophageal Cooling Device or ECD) in 2015 for use with the Medi-Therm III by Stryker®. The company received FDA 510(k) clearance in 2016 for use with the Blanketrol® II and III Hyper-Hypothermia systems made by Cincinnati Sub-Zero, a Gentherm Company, and FDA 510(k) clearance for use with the Altrix System by Stryker® in 2017. It received its CE Mark in Europe in 2014, with an expanded indication for use up to 120 hours in 2016 and a CE Mark for use with the Altrix System by Stryker® in 2017. It is also licensed for sale in Canada and Australia.

ABOUT GOPHER ANGELS: Gopher Angels is a network of accredited investors seeking to invest capital and expertise in early stage Midwest-based businesses. Gopher Angels members are experienced entrepreneurs, business leaders, and investors who have helped build successful businesses, particularly in the arena of life sciences and medical devices. Gopher Angels members have diverse industry and business expertise, resulting in a well-rounded and networked group of experience and talent.

ABOUT HEARTLAND ANGELS: 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.

ABOUT TWB INVESTMENT PARTNERSHIP: 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.

ABOUT THE PFG GROUP: The PFG Group, LLC is a Chicago based team of highly experienced and successful entrepreneurs seeking to invest in or acquire emerging growth companies.

Contact for Attune Medical
Lisa Owens, 210-601-6647