Burnaby, BC-based medical device company Kardium has secured $143 million CAD ($104 million USD) for its Globe Mapping and Ablation System, a device meant to treat an abnormal heart rhythm called atrial fibrillation (AF).
The round was led by returning investor Fidelity Management alongside follow-on participant T. Rowe Price Associates and new investor Durable Capital Partners. Kardium CFO Koert VandenEnden told BetaKit that there was additional participation from other existing investors as well as Kardium employees. VandenEnden declined to disclose if this round had a debt component.
Kardium said the new financing will allow it to complete a clinical study needed to obtain regulatory approvals for the Globe System. The funding will also help grow its manufacturing team and capacity, as well as build a clinical support and commercial team to prepare for Globe System’s commercial launch.
The Globe System is a “sophisticated catheter” with 122 electrodes that work in tandem with software to enable heart mapping and rapid pulmonary vein isolation, a treatment that delivers an electric pulse to remove problematic tissue in order to treat AF.
Kardium recently presented clinical data from its first-in-human trial, which showed 80 to 84 percent of patients were free from AF one year after treatment.
RELATED: BC’s Kardium raises $115 million USD for heart device technology
This isn’t the first time Kardium has received a large amount of funding for its Globe System. Fresh off securing approval to launch its medical device in Europe, Kardium raised $158 million CAD ($115 million USD) in 2021 from Fidelity Management and T. Rowe Price Associates. The firm said it would use that funding to accelerate the Globe System’s commercial growth across Europe and conduct a clinical study for the United States’ Food and Drug Administration (FDA) to approve its system.
The Globe and Mail reported that the 2021 funding was to tide Kardium over while it planned to go public in 2024. VandenEnden confirmed to BetaKit that, after Kardium receives FDA approval and starts commercial sales, the company intends to go public through an initial public offering.
VandenEnden said that the 2021 funding was used to develop the Globe System, complete a first in-human study, and complete enrollment into another ongoing study. He added that this recent funding will allow Kardium to “prepare and execute” the processes of FDA approval and commercial launch.
In a statement, Kardium CEO Kevin Chaplin said he is excited to have support from his existing investors.
“[The investors’] enthusiasm and support reflect the incredible success we have achieved with the Globe System and the tremendous potential we have to dramatically improve the treatment of atrial fibrillation for millions of patients worldwide,” Chaplin said.
UPDATE (06/17/2024): This story has been updated with information provided by Kardium CFO Koert VandenEnden.
Feature image courtesy Piron Guillaume via Unsplash.