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Atraverse Medical, Inc.

Atraverse is a medical device company dedicated to developing a next-generation toolset for the $1B+ left-heart access market – a broad category of minimally invasive interventions including over 1M annual electrophysiology and structural heart patient procedures.

Encinitas, CA, USA

One Liner

One Liner
Atraverse is a medical device company dedicated to developing a next-generation toolset for the $1B+ left-heart access market – a broad category of minimally invasive interventions including over 1M annual electrophysiology and structural heart patient procedures.

What Problem We are Solving

Problem
Over 1.2M left-heart access procedures are performed each year in the US, EU, and Japan. Transseptal puncture (TSP) is a critical step enabling these catheter cardiac therapies. The standard-of-care TSP can be laborious, time consuming, and result in adverse events including tamponade or vascular dissection (requiring emergent lifesaving surgery). Precise localization is also paramount for effective therapy, driving the need for innovative TSP approaches. Atraverse is pioneering an innovative transseptal crossing system designed to improve patient outcomes, lower the cost of care, and address clinical workflow inefficiencies.

About Us

About Us
Atraverse is a medical device startup company formed in the Summer of 2022 and founded by the same co-founders of FARAPULSE (acquired for up to $800M by Boston Scientific in the Summer of 2021). In January 2023, Atraverse closed a $5M Seed I round. In October 2023, NuFund Venture Group agreed to lead the Seed II round up to $3M and just closed their investment. We are now seeking syndicate investors to join NuFund Venture Group and other prior investors including New York Angels and HBS Angels of NYC plus multiple key-opinion leading physicians in the cardiac electrophysiology arena who have also invested to date. Atraverse Medical is a left-heart access company and fast follower to Baylis Medical, which was acquired by Boston Scientific for $1.75B cash at close (an ~18x trailing twelve month revenue multiple)! The Baylis Versacross product is our predicate device, and Atraverse follows a Class II, 510(k) regulatory pathway, reinforced by the Versacross 510(k) filing obtained via the FOI act request we submitted earlier this year. Atraverse Medical is on track to submit our 510(k) filing for our proprietary "Hotwire" device to the FDA by the end January 2024, with FDA 510(k) clearance anticipated in the April/May 2024 timeframe and initial sales targeted by Q3 2024 with identified launch customers. This is an opportunity for angel investors to get into the deal before we turn our focus to institutional investors for a $10M Series A Financing in 2024 after achieving these key regulatory, commercial, and other value-adding milestones! Atraverse Medical is led by an industry-experienced leadership team with the right expertise to commercialize the 'best-in-class' left heart access tool and to capitalize on a lucrative strategic acquisition within 3-5 years.  CEO/Co-Founder, John Slump, prior co-founder of FARAPULSE, more recently served as CFO of medical device startup, Surgical Innovation Associates, where John sourced $25M of start-up capital and helped grow the company from $0 to $10M in annual revenue, culminating in an acquisition in Dec. 2022 by Integra Life Sciences for up to $140M. Co-Founder/CTSO, Dr. Steven Mickelsen, is a cardiac electrophysiologist, inventor of the FARAPULSE, and more recently, co-inventor of the Atraverse technology, and currently practices medicine at Scripps in San Diego. Co-Founder/COO, Eric Sauter, is an engineer by trade, was employee #1 at FARAPULSE, and has served in multiple other cardiac device R&D and manufacturing engineering roles and is the co-inventor of the Atraverse technology with Dr. Mickelsen. We have also recruited VP Marketing, Jay Kelley, and VP Regulatory/Quality, Charles Yang, who bring over 20 years of medical device R&D, engineering, marketing, quality, and regulatory experience with cardiac devices and worked together at a prior device startup, Ablation Frontiers, which was acquired by Medtronic for a deal valued up to $220 million. We hope you will join our growing investor syndicate!

Venture Highlights

Highlights
The co-founders of Atraverse Medical previously co-founded FARAPULSE acquired by Boston Scientific for a transaction valued up to $800M. Co-Founder/CEO/President, John Slump, recently exited another device company, SIA, acquired by Integra Lifesciences for a deal worth up to $140M.  VP Marketing, Jay Kelley, and VP Regulatory/Quality, Charles Yang, previously worked together at a device startup, Ablation Frontiers, acquired by Medtronic for up to $225M. 

Business Model

Business Model
Our product is a single-use medical device disposable made by a U.S.-based contract manufacturer with COGS enabling +80% gross margin at initial low volumes with pricing at parity with the market leading RF transseptal device. This recurring revenue on high margin disposable model is tried and true. The commercial strategy is to build a direct sales team and to leverage key physician relationships to enter the US market with the only FDA approved RF transseptal guidewire compatible with third-party sheaths. We will build on these initial customer relationships and invest to grow the field team over time as we seek to grow the business to $2-3M/month in revenues ($30M +- $6M/year) over the next 3-5 years, positioning the company for an acquisition in the neighborhood of $500M or more!

Competitive Advantage

Quote
The Atraverse product, branded as the "Hotwire," is a unique radiofrequency (RF) guidewire compatible with leading manufacturer's sheath systems, enabling an efficient Zero-Exchange workflow with physician's preferred transseptal approach. The Hotwire's intrinsic design eliminates the risk of inadvertent tissue trauma, reported with competitor devices. The patent-pending design is cost-optimized, enabling a high-margin business scalable to address 1.2M+ annual procedures.

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Go-To Market Strategy

Business Strategy
The company will build a small field team to support clinical activities, physician outreach, and marketing activities. With investigator-initiated studies and publications, the company will demonstrate the key marketing claims: RF transseptal is efficient and safer to use. We plan to hire a direct sales team starting with 2-4 sales & clinical reps when we launch in mid-2024 with future hires driven by continued sales growth. With customers generating $250-500k per year per hospital, we believe we can scale to >$5M annual recurring revenue (ARR) by end of 2025, >$15M ARR by 2026, and >$30M ARR by 2027. 

Competitive Analysis

Competitive Analysys
The standard-of-care (80% of procedures) utilize a method developed by Dr. Brockenbrough in the 1960's using a stiff, rigid tool known as the BRK Needle. Alternative RF transseptal systems, such as that offered by Baylis Medical (acquired for $1.8B in 2021), require multiple exchanges that add time and cost to the procedure and are not compatible with third-party therapy sheaths (such as those offered by Abbott, J&J, Medtronic). 
Competitor Website
Flex Cath Cross (formerly AcQcross) www.medtronic.com
VersaCross www.baylismedical.com

Networking

Networking
We are open to meeting up to grab a coffee, or just to chat. We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!

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Capital

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Name Amount
Amount Left $9,000,000.00
Amount Raised (This Round) $1,000,000.00
Amount Raise To Date $13.5M
Type of Raise PREFERRED EQUITY

Valuation
$39.9M
Friends & Family
$950K
Preseed
$5M
Seed Bridge
$7.5M

TAM SAM SOM

TAM
$1.2B
SAM
N/A
SOM
N/A

Business Stage

Business Stage
Series A

Business Type

Business Types
Investor-Backed

Categories

Technology
Healthcare

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Last Updated: 04/10/24

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