US-based medical device developer Cardionomic secured $20m yesterday in a series A round featuring healthcare provider Cleveland Clinic and medical device producer Greatbatch Medical.
The round also included venture capital firm New Enterprise Associates, as well as additional, undisclosed investors.
The capital will support development of a neuromodulation treatment for Acute Decompensated Heart Failure (ADHF), a condition where fluid accumulates in the lungs and other tissues of a patient that has experienced heart failure.
Cardionomic’s device will treat ADHF by stimulating cardiac nerve branches in a bid to tackle the cause of the disorder rather than treating its symptoms.
Steve Goedeke, president and chief executive of Cardionomic, said: “Extensive pre-clinical and human data gathered over the past three 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 first round.”