Endotronix said today it inked a $12 million term loan agreement with Silicon Valley Bank, with funds slated to support a clinical program for its Cordella heart failure system.
The Woodridge, Ill.-based company’s Cordella system is composed 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.
“This financing builds on our recent Series C round and we are thrilled to be working with the SVB team. We look forward to advancing our clinical program with proactive heart failure management that simplifies at-home care and improves patient outcomes,” Endotronix CEO Harry Rowland said in a prepared statement.
“We’re pleased to partner with Endotronix as they advance their end-to-end patient management solution for chronic heart failure. We believe the patient-centered Cordella System can help streamline care and improve outcomes while decreasing healthcare costs. We look forward to being a part of Endotronix’s future success,” Silicon Valley Bank life science & healthcare director Tom Hertzberg said in a press release.
Last July, Endotronix said it raised a $32 million Series C round for its Cordella system.
Participants in the round included existing backers and an unnamed strategic investor, plus BioVentures Investors, SV Life Sciences, Lumira Capital, Aperture Venture Partners and OSF Ventures, Endotronix said.