Investors ’ Faith in Endotronix Continues with Expanded D Round

Sometimes medtech companies need more than a nod from FDA for a product to be successful. And sometimes - if it isn’t in place already – companies need to look at a viable reimbursement path before they can even think of filing for approval. That’s the strategy Endotronix is employing concerning the clinical development of the Cordella Pulmonary Artery Sensor (Cordella Sensor). The Lisle, Il-based company is jointly pursuing FDA approval of the technology and reimbursement from the Centers for Medicare & Medicaid Services. To run a robust clinical trial to support both approval and a National Coverage Decision (NCD) for Cordella, Endotronix has expanded its series D round – now raising $35 million and bringing the financing to a total of $70 million, said Harry Rowland, Endotronix CEO. The company originally raised $45 million for the series D round last year. “For our space of pulmonary artery pressure-guided heart failure management there has been a player before us – CardioMems, a company that worked to develop the market and the initial clinical evidence base,” Rowland, told MD+DI. Atlanta-based CardioMems was acquired by St. Jude Medical for $455 million in 2014. Abbott Laboratories inherited the CardioMems technology when it closed out its $25 billion-acquisition of St. Jude Medical. “One of the real items for the broad use ...
Source: MDDI - Category: Medical Devices Authors: Tags: Business Cardiovascular Source Type: news