CardioMEMS Raises CapitalMay 11, 2010
The med tech company announced completion of $37.9 million financing, which will allow it to complete the clinical trial for its wireless heart-failure pressure measurement system.
ATLANTA /BUSINESS WIRE/ -- CardioMEMS Inc., a medical technology company that has developed and is commercializing a proprietary wireless sensing and communication technology for the human body, announced the completion of $37.9 million financing. The financing provides the company with capital to complete the company's CHAMPION clinical trial. Initiated in 2007, the CHAMPION trial is evaluating the safety and effectiveness of CardioMEMS' heart-failure (HF) pressure measurement system in 550 patients in the U.S. Full patient enrollment in the CHAMPION trial was completed in 2009. Currently, CardioMEMS anticipates obtaining the results of its CHAMPION trial in the summer of 2010.
The CardioMEMS wireless HF sensor is an innovative miniature device that is implanted in the patient's pulmonary artery, using a simple, catheter-based procedure. The pulmonary artery pressure is then measured and displayed using the CardioMEMS proprietary electronic monitoring system. Following the procedure, patients perform wireless measurements of their pulmonary artery pressure from home. The pressure data is immediately transmitted to a secure database and is available for review by the implanting physician on the CardioMEMS proprietary Web site.
The CHAMPION clinical trial is being conducted in over 65 leading heart centers in the U.S. The co-principal investigators of the trial are Philip Adamson, MD, Director of the Heart Failure Institute, Oklahoma Heart Institute, and William Abraham, MD, Director of the Division of Cardiovascular Medicine at The Ohio State University Medical Center.
Jay Yadav, MD, Founder and CEO of CardioMEMS and an interventional cardiologist, commented, "We are pleased with the continued support of Arcapita Ventures and our other existing investors. We look forward to the successful completion in the coming months of the CHAMPION trial and the continuation of the FDA approval process for our CHAMPION heart failure pressure measurement system."
CardioMEMS Inc. is a medical device company that has developed and is commercializing proprietary wireless sensing and communication technology for the human body. Our technology platform is designed to improve the management of severe chronic cardiovascular diseases, such as aneurysms, heart failure, and hypertension. Our miniature wireless sensors can be implanted using minimally invasive techniques and transmit cardiac output, blood pressure, and heart rate data, which are critical to the management of patients. Our sensors are designed to be permanently implanted into the heart and blood vessels due to their small size, durability, and lack of wires and batteries. Using radio frequency, or RF, energy, our sensors transmit real-time data to external electronic readers, which then communicate the information to the patient's physician. We believe frequent, on-demand, real-time monitoring of vital information enables proactive patient management, which holds the promise of reducing hospitalizations, improving a patient's quality of life, and delivering more efficient and cost-effective health care. CardioMEMS is privately held and located in Atlanta, GA at Technology Enterprise Park.
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