Cardialen said today that it closed a $17 million Series B round for the low-energy defibrillation technology it’s developing.
The Minneapolis-based company said RiverVest Venture partners led the round, joined by Qiming Venture Partners, HBM Healthcare Investments and Cultivation Capital.
The proceeds are earmarked for further clinical work on Cardialen’s “unpinning termination” therapy, which is designed to deliver low-energy electrical stimulation to restore abnormal cardiac rhythms.
“This round of financing gives Cardialen the capital to establish acute safety of UPT therapy for the treatment of various tachyarrhythmias,” president & CEO Jeff Peters said in prepared remarks. “We are thrilled to have such a strong syndicate of investors joining the team.”
“We think Cardialen’s UPT therapy meets a unique need in the large current and potential defibrillator market,” added RiverVest managing director Jay Schmelter, who is joining the Cardialen board as part of the financing. “Early UPT therapy results look promising and we’re looking forward to partnering with Cardialen on this innovative approach.”
“Today’s implantable defibrillator therapy generates painful high-energy shocks that are associated with undesirable mortality that is expected to be reduced for patients receiving fewer shocks or a low-energy therapy. Our goal with UPT therapy is to reduce the negative effects of high-energy therapy and provide a better quality of life for patients,” founder & scientific advisor Dr. Igor Efimov, of The George Washington University, said in a press release.
Dr. Christopher Shen of Qiming Ventures and HBM ‘s Thomas Thaler also joined its board, Cardialen said.