Chicago-based Endotronix has added another $12 million in funding to further development on its wireless, remote cardiac monitor system. The money comes in the form a loan agreement with Silicon Valley Bank, and builds on the company’s previous funding of $32 million in July.
The financing will go towards Endotronix’s Cordella Heart Failure system, which consists of a wireless pulmonary artery sensor and a cloud-based outpatient management system. The system is not yet available, and Endotronix is focused on advancing their clinical program to get the product into commercial use.
Monitoring changes in heart rate is the most accurate way to identify worsening heart failure, but such observation was only available into a clinical setting until recently. Endotronix’s offering is different than other implantable devices available in that it will allow patients, caregivers and physicians who see the data to communicate and tailor care plans based on changes. The company has attracted investors including BioVentures Investors, SV Life Sciences, Lumira Capital, Aperture Venture Partners and OSF Ventures.
“We’re pleased to partner with Endotronix as they advance their end-to-end patient management solution for chronic heart failure,” Tom Hertzberg, Silicon Valley Bank’s director of Life Science and Healthcare, said in a statement. “We believe the patient-centered Cordella System can help streamline care and improve outcomes while decreasing healthcare costs. We look forward to being a part of Endotronix’s future success.”