Atlanta-based CardioMEMS Raises additional capital

CardioMEMS, a medical technology company based in Atlanta that has developed and is commercializing proprietary wireless sensing and communication technology for the human body, completed a $22.1m financing.

The financing provides the company with additional capital to fund its CHAMPION clinical trial, which 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.

Commenting on the financing, Dan Bauer, CardioMEMS CFO, was reported as saying, “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 will seek Food and Drug Administration approval of its CHAMPION heart failure pressure measurement system in 2010.



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