Endotronix Raises $45 Million in Series D Financing for the Treatment of Heart Failure
LISLE, Ill., /PRNewswire/ -- Endotronix, Inc., a digital health, medtech company dedicated to advancing the treatment of heart failure, today announced the close of a Series D financing round totaling $45 million. The round was led by LSP, investing from its LSP Health Economics Fund 2, and included Aperture Venture Partners, BioVentures Investors, Lumira Ventures, OSF Ventures, Seroba Life Sciences, SV Health Investors, Wanxiang Healthcare Investments, and an unnamed corporate strategic investor. Endotronix will expand the board of directors to include Fouad Azzam Ph.D., General Partner at LSP.
This financing supports the commercialization of the Cordella™ Heart Failure System (Cordella System) and clinical development of the Cordella™ Pulmonary Artery Sensor (Cordella Sensor) through CE Marking and FDA Premarket Approval (PMA). The product platform consists of a comprehensive remote patient management software solution coupled with a seamlessly integrated, next generation implantable pulmonary artery sensor to streamline heart failure care management and provide early detection of worsening heart failure.
"We are thrilled with the world-class leadership and support of LSP and our existing investor group as we launch into the next phase of our company," commented Harry Rowland, CEO of Endotronix. "This financing accelerates our U.S. and E.U. launch of the Cordella System and supports our upcoming landmark randomized, controlled clinical study, PROACTIVE-HF, to demonstrate the safety and effectiveness of proactive heart failure management."
The Cordella System is designed to address inefficiencies in heart failure management and promote guideline-based therapy so physicians can improve patient care and reduce re-hospitalizations with effective and scalable remote patient management. Over 26 million people worldwide suffer from heart failure and it is a leading cause of re-hospitalization for people over 651,2. With U.S. treatment costs reaching $31B per year, heart failure management remains a pressing unmet clinical need3.
"Endotronix is on the cusp of transforming heart failure management," stated Fouad Azzam. "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."
This announcement builds on the earlier news of successful first-in-human use of the Cordella Sensor in Europe and first commercial use of the Cordella System at select U.S. sites.
About the Cordella™ Heart Failure System
About Endotronix, Inc.
1 Ponikowski P et al. Heart failure: preventing disease and death worldwide. ESC Heart Failure 2015;1:4-25
2 Mozzafarian D, et al. on behalf of the American Heart Association Statistics Committee and Stroke Statistics Subcommittee. Heart disease and stroke statistics--2016 update: a report from the American Heart Association. Circulation. 2016
3 Joo H, et al. Cost on Informal Caregiving for Patients with Heart Failure. Am Heart J. 2015 Jan;169(1):142-48.e2.
View original content to download multimedia:http://www.prnewswire.com/news-releases/endotronix-raises-45-million-in-series-d-financing-for-the-treatment-of-heart-failure-300712641.html
SOURCE Endotronix, Inc.