GPB Capital puts $21m into CardioFocus for HeartLight catheter launch

June 22, 2018 By Brad Perriello Leave a Comment

CardioFocus landed a $21 million debt investment from GPB Capital and plans to use the proceeds to back the commercial launch of its HeartLight catheter for treating atrial fibrillation.

The funding consists of a $21 million senior secured convertible note due to mature in April 2021. CardioFocus, which won FDA approval for its HeartLight Excalibur balloon last month, reeled in the first $13 million from the round in April. The remaining $8 million, pegged to revenue milestones, is slated to be released during or before the first quarter of 2019.

“The HeartLight endoscopic balloon’s new launch reflects our ongoing dedication to bringing new levels of precision and control to the treatment of atrial fibrillation,” chairman Paul LaViolette said in prepared remarks. “The investment from GPB Capital will help us make this groundbreaking cardiac ablation system available as an advanced tool that physicians can use to improve heart health in their communities.”

“We are pleased to partner with CardioFocus to roll out its next innovation, which has the potential to revolutionize the treatment of atrial fibrillation,” added GPB Capital managing partner Evan Myrianthopoulos. “By offering the support CardioFocus needs to successfully bring the HeartLight Endoscopic Balloon system to market, we seek to achieve both a return on investment and a global impact – one that could improve the quality of life for atrial fibrillation patients on multiple continents.”

Medline reopens Illinois medtech sterilization plant
Medline Industries resumed sterilization operations at its Waukegan, Ill., plant on Friday, following state certification of the company’s $10 million in emission-control upgrades, the company announced. The Waukegan plant reopening follows the decision this week by officials in Cobb County, Ga., to allow an Atlanta Sterigenics EtO plant to reopen for 21 days to sterilize… […]
DeviceTalks Weekly Podcast: Deconstructing medtech’s alphabet soup – DPA, MDR, FDA are all in the news
In this week’s DeviceTalks Weekly, we’ll examine how governmental effort, both foreign and domestic, are hitting the medtech industry. Our guests include Tracy Eberly, CEO of Fang Consulting, a regulatory advisory group. Eberly will update listeners on what pushing back the MDR deadline could mean for medtech companies and why some companies may be less than… […]
AdvaMed: Invoking Defense Production Act could hinder U.S. medtech imports
Forcing manufacturers to repurpose their production lines to make equipment to fight the coronavirus epidemic might actually hurt the U.S. supply of those items, the head of medtech trade group AdvaMed said today. AdvaMed officials have talked with U.S. secretary of Health and Human Services Alex Azar and FDA commissioner Dr. Stephen Hahn about medtech… […]
March 2020 Issue: Is software key to medical 3D printing innovation?
What’s the word on ethylene oxide? The coronavirus pandemic has pushed a lot of news out of people’s minds, but medtech has other big issues to deal with. For instance, 8 months have passed since the FDA issued a public challenge for alternatives to ethylene oxide (EtO) as a sterilant for medical devices. As I… […]
GE Healthcare quadruples ventilator production at Wisconsin plant
General Electric Healthcare (NYSE:GE) this week announced that it is doubling its production capacity for ventilators and expanding its Madison, Wisconsin, production line to 24-hour operation. In a report on GE’s website, the company shared that it has doubled its capacity of ventilator production with plans to double it again by the end of the second… […]
FDA issues FAQ on 3D-printed equipment against coronavirus
Intrepid 3D printing companies and individuals who want to print masks, gowns and other personal protective equipment (PPE) to fight the coronavirus pandemic might want to take a look at the FDA’s new frequently asked questions page on the topic. While it says it welcomes coronavirus-fighting efforts, the agency said that 3D-printed masks are unlikely… […]
Software is enabling medical 3D printing innovation: Here’s how
The 3D printers themselves get a lot of attention, but for 3D-printing to become ubiquitous in the medtech space, software will have to play a key role. A 3D printer without software to tell it where to place the material is a really nice, expensive coffee table, according to Scott Rader, a former Stratasys GM… […]
This open source ventilator hackathon could help fight the coronavirus
Infineon engineers developed a 3D printed lung ventilator to help address the shortage of ventilators due to the COVID-19 pandemic. The German federal government held a hackathon called #WirvsVirus (“We against the virus”) where 42,000 people met to find solutions to challenges from the coronavirus. Infineon engineers, led by Mahmoud Ismail who has a doctorate… […]
Could these DIY ventilators stop coronavirus from killing people?
Amid the global crisis caused by the coronavirus pandemic, hospitals and healthcare facilities are reporting shortages of vital equipment that not only keeps the patients safe, but the staffers, too. One important device for which demand has ramped up is ventilators for patients who need assistance with their breathing due to the respiratory effects of… […]
DIY ventilators? Not unless there’s a zombie apocalypse.
News reports of the COVID-19 virus have given a lot of space to the shortage of respiratory ventilators. The Society of Critical Care Medicine claims at least 950,000 U.S. patients could need ventilators but hospitals only have 160,000. One response to statistics like these has been a movement among open-source promoters to initiate community-designed ventilators… […]
FDA announces EUAs related to ventilators to treat coronavirus
Amid a shortage of ventilators for treating coronavirus, the FDA put out a statement confirming its stance on issuing emergency use authorizations for potential temporary fixes. The FDA said it is operating on the basis of a EUA determination that the U.S. Dept. of Health and Human Services issues on Feb. 4. Earlier this week, HHS declared… […]