Endotronix intends to use the funding proceeds for PROACTIVE-HF IDE clinical trial and commercialisation of the Cordella Heart Failure System
Endotronix, a US-based medical technology company, has announced the expansion of its Series D financing round, and procured a total of $70m funding in the round.
The expansion of financing round was led by LSP, and includes a new investment from an undisclosed medical device strategic investor.
In addition, the existing investors including Aperture Venture Partners, BioVentures Investors, Lumira Ventures, OSF Ventures, Seroba Life Sciences, Skydeck, SV Health Investors, Wanxiang Healthcare Investments, and an unnamed corporate strategic investor, have also participated in the funding round.
LSP general partner Fouad Azzam said: “Endotronix has built a strong syndicate of both institutional and strategic investors who believe in the benefits of remote heart failure management with the Cordella Sensor and System.
“The team is set to deliver an elegant solution that we believe will show a definitive benefit in reducing heart failure related hospitalizations and improving outcomes for patients and clinicians.”
PROACTIVE-HF study to evaluate Cordella Sensor in 950 US patients
Endotronix is engaged in developing data-driven solutions to advance the treatment of heart failure (HF), and intends to use the funding proceeds to support the PROACTIVE-HF IDE clinical trial of the Cordella Pulmonary Artery Sensor System and commercialisation of the Cordella Heart Failure System.
The company said that the Cordella System is designed to provide advanced care and remote medication titration, to help heart failure patients.
In addition, the system provides complete health status of the patient at home, through tools that securely collect and share health-related data with healthcare providers for trend-based management.
PROACTIVE-HF is a prospective, multi-centre, randomised, controlled, and single-blind study to evaluate the safety and efficacy of the Cordella Sensor in more than 950 New York Heart Association (NYHA) Class III heart failure patients across the US.
Currently, the Cordella System, without the sensor, is available for commercial use in the US and EU.
Endotronix CEO Harry Rowland said: “Heart failure care providers are seeking better solutions to manage patients and we believe the Cordella System with PA pressure-guided management delivers on that need.
“This financing expansion allows us to execute on the PROACTIVE-HF trial to provide the highest level of clinical evidence which will redefine the standard of care for heart failure patients and accelerate our time to market.”