EBR Systems received commitments for a fully underwritten institutional placement to raise $36.1 million (A$55.9 million). In addition to the committed funding, the company plans to undertake a non-underwritten security purchase plan. Eligible securityholders of EBR could contribute to an additional $3.9 million (A$6 million) in funding.
The Australia-based company plans to use proceeds to advance the commercialization strategy for its WiSE cardiac resynchronization therapy (CRT) system. EBR, which has its U.S. base in Sunnyvale, California, says WiSE is the world’s only wireless cardiac pacing device for heart failure.
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It designed its WiSE system to significantly expand the population of patients who could benefit from CRT. The leadless solution delivers left ventricular pacing, working seamlessly with existing pacemakers, defibrillators or CRT devices that provide right ventricular pacing.
The WiSE CRT system is the size of a cooked grain of rice. It received FDA approval last month.
Patients eligible for WiSE CRT in the U.S. have an existing implanted right ventricular pacing system. They may have previously had unsuccessful coronary sinus lead implantation or had their implanted lead turned off (known as previously untreatable). Others eligible have previously implanted pacemakers or defibrillators but have relative contraindications for CS lead or CRT device implantation (high-risk upgrades).
EBR says the Medtronic Micra leadless pacemaker qualifies for use with WiSE CRT. It currently has testing underway to get the Abbott Aveir leadless pacemaker approved for use with WiSE, too. The company targets a limited market release to start. It then expects to ramp commercial distribution in 2026. The company also anticipates reimbursement confirmation in October 2025.
Additionally, after completing the financing, EBR projects a cash balance of $84 million to carry it into the fourth quarter of 2026.
