ATLANTA, Aug. 26 -- CardioMEMS, Inc., a medical technology company that has developed and is commercializing proprietary wireless sensing and communication technology for the human body, today announced the completion of a $22.1M financing. The financing provides the company with additional capital to fund the company's CHAMPION clinical trial. Initiated in September 2007, the CHAMPION trial is evaluating the safety and effectiveness of CardioMEMS' heart failure (HF) pressure measurement system in patients with heart failure.
The CardioMEMS wireless HF sensor is an innovative miniature device which is implanted into the patient's pulmonary artery using a simple, catheter-based procedure. The pulmonary artery pressure is then measured and displayed using the CardioMEMS proprietary electronic monitoring system. Following the procedure, patients perform wireless measurements of their pulmonary artery pressure from home. The pressure data is immediately transmitted to a secure database and is available for review by the implanting physician on the CardioMEMS proprietary website.
The CHAMPION clinical trial is being conducted in over 65 leading heart centers in the U.S. The co-principal investigators of the trial are Philip Adamson, MD, Director of the Heart Failure Institute, Oklahoma Heart Institute and William Abraham, MD, Director of the Division of Cardiovascular Medicine at The Ohio State University Medical Center.
Jay Yadav, MD, Chairman and CEO of CardioMEMS and an interventional cardiologist, commented, "We are excited about our heart failure technology and the potential benefits that are available to patients who have this serious condition. This is a very exciting time for CardioMEMS and we are looking forward to the great opportunities in front of us in 2010."
Commenting on the financing, Dan Bauer, CardioMEMS CFO stated, "We are pleased with the continued support of Arcapita Ventures, Boston Millennium, Foundation Medical and our other existing investors. We look forward to the successful completion of the CHAMPION trial as well as pursuing other opportunities where our technology can be beneficial." CardioMEMS anticipates seeking FDA approval of its CHAMPION heart failure pressure measurement system in 2010. In the U.S. alone, there are approximately 5.5 million heart failure patients.
CardioMEMS is located in Atlanta, GA and is privately held. More information about the company can be found at www.cardiomems.com.
About CardioMEMS, Inc.
CardioMEMS is a medical device company that has developed and is commercializing proprietary wireless sensing and communication technology for the human body. Our technology platform is designed to improve the management of severe chronic cardiovascular diseases such as aneurysms, heart failure and hypertension. Our miniature wireless sensors can be implanted using minimally-invasive techniques and transmit cardiac output, blood pressure and heart rate data which are critical to the management of patients. Our sensors are designed to be permanently implanted into the heart and blood vessels due to their small size, durability, and lack of wires and batteries. Using radiofrequency, or RF, energy, our sensors transmit real-time data to external electronic readers which then communicate this information to the patient's physician. We believe frequent, on-demand, real-time monitoring of vital information enables proactive patient management, which holds the promise of reducing hospitalizations, improving a patient's quality of life and delivering more efficient and cost effective health care.
Statements made in this press release that look forward in time or that express beliefs, expectations or hopes regarding future occurrences or anticipated outcomes are forward-looking statements. A number of risks and uncertainties such as risks associated with product development and commercialization efforts, expected timing or results of any clinical trials, ultimate clinical outcome and perceived or actual advantages of the Company's products, market and physician acceptance of the products, intellectual property protection, and competitive offerings could cause actual events to adversely differ from the expectations indicated in these forward looking statements.
CardioMEMS is a registered trademark of CardioMEMS, Inc.