Cardionomic said today it raised $20 million in Series A round of financing to support its catheter-based neurmodulation therapy for treating acute decompensated heart failure.
Funding is slated to support continued development of the company’s device which is designed to treat acute decompensated heart failure, a condition in which fluid accumulates in the lungs and other tissues in patients with heart failure.
The condition makes it difficult for patients to breathe, sleep and function, according to the Minneapolis, Minn.-based company.
“Current ADHF approaches, all of which use drug therapies, inadequately treat the condition and have not improved over the past decades. The Cardionomic therapy targets the primary cause of worsening heart failure, namely decreased myocardial contractility. This targeted increase in contractility rebalances hemodynamics to normalize blood flow to organs, such as the kidneys and brain, and restores kidney function to eliminate fluids. It thereby treats both the root cause of ADHF and its symptoms,” CMO William Abraham said in a press release.
The round was joined by New Enterprise Associates, the Cleveland Clinic, Greatbatch (NYSE:GB) and other investors, Cardionomic said.
“Extensive pre-clinical and human data gathered over the past 3 years demonstrates our therapy improves cardiac contractility in heart failure patients. This evidence, along with the pressing need for a new approach to treat ADHF, helped drive our successful 1st-round,” CEO Steve Goedeke said in prepared remarks.
The device selectively stimulates cardiac nerve branches to improve contractility to address the disorder’s root cause, and stays in place in patients upon admission for 1 to 3 days, Cardionomic said.