Kardium, a British Columbia-based medical device company, has secured $115 million USD from Fidelity Management and T. Rowe Price Associates.
The round was led by United States-based Fidelity Management, with T. Rowe Price Associates providing follow-on investment after leading Kardium’s $40 million USD financing in 2018.
The company is reportedly looking to hit the public markets in 2024.
Kardium is a medical tech company that has developed a device that treats atrial fibrillation, a common heart disorder rate that can increase the risk of strokes, heart failure and other heart-related complications. The company’s Globe Mapping and Ablation System is considered an advanced system for the treatment of atrial fibrillation.
The BC startup was co-founded by Daniel Gelbart, Amos Michelson, and Doug Goertzen formerly of digital imaging company Creo Inc., which was acquired for $980 million USD in 2005. The trio founded Kardium alongside the University of British Columbia’s head of cardiac surgery division, Dr. Sam Lichtenstein.
In the past six months, Kardium secured approval to and launched its medical device in Europe. Kardium plans to use the $115 million to accelerate commercial growth of the Globe System across Europe, and to conduct a clinical study for US Food and Drug Administration (FDA) approval of its system.
It also plans to begin additional clinical studies of a new version of the Globe System that uses a new energy source for cardiac ablation, which Kardiu claims has the potential to perform faster and safer ablations.
The company is also looking to use the financing to tie it over until its goes public, according to The Globe and Mail. The company is reportedly looking to hit the public markets in 2024, following plans to begin US trials for its device this year, with the hopes of receiving FDA approval for late 2023. The publication also reported that prior to the most recent round, the company had raised more than $100 million USD in total funding.
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