CardioMEMS raises $22.1M to fund clinical trial of its heart failure pressure measurement system

Aug 27 2009

CardioMEMS, Inc., a medical technology company that has developed and is commercializing proprietary wireless sensing and communication technology for the human body, today announced the completion of a $22.1M financing. The financing provides the company with additional capital to fund the company's CHAMPION clinical trial. Initiated in September 2007, the CHAMPION trial is evaluating the safety and effectiveness of CardioMEMS' heart failure (HF) pressure measurement system in patients with heart failure.

The CardioMEMS wireless HF sensor is an innovative miniature device which is implanted into 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 website.

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, Chairman and CEO of CardioMEMS and an interventional cardiologist, commented, "We are excited about our heart failure technology and the potential benefits that are available to patients who have this serious condition. This is a very exciting time for CardioMEMS and we are looking forward to the great opportunities in front of us in 2010."

Commenting on the financing, Dan Bauer, CardioMEMS CFO stated, "We are pleased with the continued support of Arcapita Ventures, Boston Millennium, Foundation Medical and our other existing investors. We look forward to the successful completion of the CHAMPION trial as well as pursuing other opportunities where our technology can be beneficial." CardioMEMS anticipates seeking FDA approval of its CHAMPION heart failure pressure measurement system in 2010. In the U.S. alone, there are approximately 5.5 million heart failure patients.