CardioInsight Technologies landed its initial $15 million investment, parts of a long-term strategic financing plan that begins with enough funding to complete its European clinical trials.
The Cleveland, Ohio-based medical device company is a developer of non-invasive electrocardiographic mapping technology. The new funds will allow CardioInsight to finish its ongoing multi-center studies in Europe and seek regulatory clearance in the U.S. for its heart mapping systems.
“This is an important financing transaction for the company as it provides the resources necessary to accelerate and achieve key milestones in the continued evolution of the company’s revolutionary non-invasive, multiple chamber cardiac mapping technology,” president & CEO Patrick Wethington said in prepared remarks. “The ability to complete this transaction is further validation of the strength of the company’s clinical experience with its technology, and a representation of the broad potential this platform offers patients suffering from cardiac arrhythmias and other electrical disorders of the heart.”
CardioInsight’s electrocardiographic mapping platform has been utilized in over 800 patients in multiple centers and multiple arrhythmia types, with the results generating nearly “100 publications and presentations in peer-reviewed journals and at international clinical conferences,” according to a press release.
