Endotronix raises $12m to support Cordella HF system

Endotronix said today it inked a $12 million term loan agreement with Silicon Valley Bank, with funds slated to support a clinical program for its Cordella heart failure system. The Woodridge, Ill.-based company’s Cordella system is composed of a wireless cardiac monitor and a miniature pressure sensor that’s designed to be implanted in a patient’s pulmonary artery to wirelessly return PA pressure to portable reader device. Data from the device can be transmitted to healthcare providers through a wireless link to Endotronix software, and is stored and analyzed by the company’s system. “This financing builds on our recent Series C round and we are thrilled to be working with the SVB team. We look forward to advancing our clinical program with proactive heart failure management that simplifies at-home care and improves patient outcomes,” Endotronix CEO Harry Rowland said in a prepared statement. “We’re pleased to partner with Endotronix as they advance their end-to-end patient management solution for chronic heart failure. We believe the patient-centered Cordella System can help streamline care and improve outcomes while decreasing healthcare costs. We look forward to being a part of Endotronix’s future success,” Silicon Valley Bank life science & healthcare director Tom Hertzberg said in a press release. Last July, Endotronix said it raised a $32 million Series C round for its Cordella system. Participants in the round ...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Endotronix Inc. Source Type: news