Endotronix said today that it closed on a $45 million Series D round for the Cordella cardiovascular monitoring technology it’s developing.
The Lisle, Ill.-based company said its latest raise was led by LSP and included Aperture Venture Partners, BioVentures Investors, Lumira Ventures, OSF Ventures, Seroba Life Sciences, SV Health Investors, Wanxiang Healthcare Investments and an unnamed strategic investor.
Cordella consists of a wireless cardiac monitor and a miniature pressure sensor that’s designed to be implanted in a patient’s pulmonary artery to wirelessly return PA pressure to portable reader device. Data from the device can be transmitted to healthcare providers through a wireless link to Endotronix software, and is stored and analyzed by the company’s system.
The D round should see Endotronix through CE Mark approval in the European Union and pre-market approval from the FDA, the company said.
“We are thrilled with the world-class leadership and support of LSP and our existing investor group as we launch into the next phase of our company,” CEO Harry Rowland said in prepared remarks. “This financing accelerates our U.S. and E.U. launch of the Cordella system and supports our upcoming landmark randomized, controlled clinical study, Proactive-HF, to demonstrate the safety and effectiveness of proactive heart failure management.”
“Endotronix is on the cusp of transforming heart failure management,” added LSP general partner Fouad Azzam, who is joining the Nedotronix board in connection with the funding. “Their scalable Cordella system enables streamlined and timely flow of clinical-level information that can improve patient outcomes and supports sustainable care delivery revenue for healthcare providers. We’re excited to be part of the team to drive this transformation in the heart failure market.”
In February Endotronix reported raising the full amount of its $37.1 million goal from 52 unnamed investors in an equity round that began in July 2016, a year and a month after inking a $12 million term loan and a $32 million Series C round in July 2016.
Steve MacMillan took over as CEO of Hologic in 2013, drawing on his experience at medtech titans like Stryker and Johnson & Johnson. Since then, Hologic has grown into a $3 billion business.
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