Medtech Company Endotronix Snags $45 Million in Series D Funding
Lisle, Ill.-based medtech company Endotronix, Inc. secured $45 million in a Series D financing round. The funds will be used to support the commercialization of its Cordella Heart Failure System and support clinical development of the company’s pulmonary artery sensor.
The Endotronix Cordella System is designed to “address inefficiencies in heart failure management,” according to the company. A sensor is implanted in the patient’s pulmonary artery which provides wireless feedback to monitors. In January the company implanted its Cordella Pulmonary Artery Pressure Sensor in its first patient as part of the SIRONA First-in-Human (FIH) clinical trial. The sensor is being tested in the trial for the treatment of advanced heart failure patients who remain unstable despite standard of care medical management. The sensor provides pressure data readings in the pulmonary artery that clinicians can then interpret to guide therapy, the company said.
Part of the system’s design is to promote “guideline-based therapy” that will allow physicians to improve the care of patients and reduce return trips to the hospital.
Harry Rowland, chief executive officer of Endotronix, said the financing will allow the company to move into its next phase. The funding accelerates the company’s U.S. and European launch of the Cordella System. Additionally, Rowland said the financing will support the company’s “upcoming landmark randomized, controlled clinical study, PROACTIVE-HF, to demonstrate the safety and effectiveness of proactive heart failure management.”
In its announcement, Endotronix said more than 26 million people worldwide suffer from heart failure and in the United States accounts for about $31 billion in treatment costs. It is a leading cause of re-hospitalization for people over 65, the company added. Because of this, heart failure management remains a pressing unmet clinical need. Endotronix said.
The Series D funding was supported by the LSP Health Economics Fund 2. Other investors included Aperture Venture Partners, BioVentures Investors, Lumira Ventures, OSF Ventures, Seroba Life Sciences, SV Health Investors, Wanxiang Healthcare Investments. Endotronix said there was also an unnamed corporate strategic investor.
As part of the financing, Fouad Azzam, a general partner at LSP, will assume a seat on the Endotronix Board of Directors. The new board member said Endotronix is “on the cusp” of transforming the management of heart failure patient.
“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,” Azzam said in a statement.
Since 2016 Endotronix has received nearly $90 million in multiple rounds funding to support the development of its programs.