Cardionomic, Inc., a Minneapolis, Minn.-based medical device developer, received $20m in Series A financing.
Backers included New Enterprise Associates, the Cleveland Clinic, Greatbatch Inc., and others.
The company intends to use the funds to to continue development of a neuromodulation therapy for Acute Decompensated Heart Failure (ADHF).
Led by and Steve Goedeke, president and chief executive officer, and William T. Abraham, M.D., chief medical officer, Cardionomic is developing a catheter-based neuromodulation therapy for treating Acute Decompensated Heart Failure (ADHF), a condition that leads to 3.5 million hospital admissions in the U.S. and Europe annually.
The company’s therapy selectively stimulates cardiac nerve branches, which improves contractility and addresses the disorder’s root cause instead of focusing on relief of symptoms, which is the current standard of care.
The therapy is expected to be delivered to the patient upon admission and to remain in place for one to three days before it is removed.