Endotronix said today that it added $35 million to the Series D round it first closed a year ago for the Cordella cardiovascular monitoring technology it’s developing.
The Lisle, Ill.-based company initially closed the Series D at $45 million on Sept. 14, 2018, earmarking the proceeds for CE Mark approval in the European Union and pre-market approval from the FDA. Today Endotronix said the $70 million raise will be used to back its Proactive-HF investigational device exemption trial for the Cardella pulmonary artery sensor, plus commercialization of the Cordella heart failure system.
Cordella uses 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. 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.
Still led by LSP, the round now includes a new investment from another unnamed medtech strategic and existing backers including the first anonymous strategic, Aperture Venture Partners, BioVentures Investors, Lumira Ventures, OSF Ventures, Seroba Life Sciences, Skydeck, SV Health Investors and Wanxiang Healthcare Investments.
“Heart failure care providers are seeking better solutions to manage patients and we believe the Cordella system with PA pressure-guided management delivers on that need,” CEO Harry Rowland said in prepared remarks. “This financing expansion allows us to execute on the Proactive-HF trial to provide the highest level of clinical evidence which will redefine the standard of care for heart failure patients and accelerate our time to market.”
“Endotronix has built a strong syndicate of both institutional and strategic investors who believe in the benefits of remote heart failure management with the Cordella Sensor and System,” added LSP general partner Fouad Azzam. “The team is set to deliver an elegant solution that we believe will show a definitive benefit in reducing heart failure related hospitalizations and improving outcomes for patients and clinicians.”
Endotronix said it has another trial under way for the Cordella sensor in Europe in addition to the 950-patient Proactive-HF study, which is slated to launch during the fourth quarter. The 60-patient, open-label Sirona II trial involves patients with NYHA Class III heart failure; the company plans to use the Sirona II data to back CE mark approval in Europe.
