Cardialen, Inc., a Minneapolis-based medical device company developing a low-energy implantable defibrillation therapy designed to more gently restore normal heart rhythm, closed a $17m Series B funding.
The round was led by RiverVest Venture Partners, with participation from Qiming Venture Partners, HBM Healthcare Investments and Cultivation Capital. In conjunction with the funding, Jay Schmelter of RiverVest Ventures; Christopher Shen, MD, of Qiming Ventures; and Thomas Thaler, Ph.D., of HBM Healthcare Investments; will join Cardialen, Inc.’s board of directors. They will serve alongside Bill Schmidt of Cultivation Capital, Warren Watson, independent, and Peters.
The company intends to use the funds to advance its clinical program with further human testing of its unpinning termination (UPT) therapy and begin development of an implantable device.
Led by Jeff Peters, president and CEO, Cardialen is advancing the Cardialen UPT therapy, which delivers a sequence of low-energy electrical pulses designed to restore abnormally rapid heart rates to a normal rhythm. This low-energy therapy is intended to mitigate the negative effects of current high-energy defibrillators by delivering a more tolerable, less debilitating treatment for patients with heart arrhythmias.