CardioMEMS, which develops wireless, implantable medical sensors, announced a new $37.9 million round of venture capital investment. That brings the company's total raised capital amount to about $145 million. Previous investors include Arcapita Ventures, Boston Millennia Partners, Medtronic, Easton Capital Partners, Foundation Medical Partners, Arboretum Ventures, Deerfield Capital Management, Vision Capital Advisors, Aperture Venture Partners and Rockport Venture Securities.
CardioMEMS said it would use the capital to complete its CHAMPION clinical trial, which it launched in 2007 and plans to complete in the coming months. It hopes to complete the trial by this summer. The CHAMPION trial is evaluating the safety and effectiveness of CardioMEMS’ heart failure (HF) pressure measurement system in 550 patients in the U.S. at more than 65 heart centers.
The CardioMEMS wireless HF sensor is a miniature device that is implanted into the patient’s pulmonary artery using a simple, catheter-based procedure, according to the company. 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 then transmitted to a secure database and is available for review by the implanting physician on the CardioMEMS proprietary website.
“We are pleased with the continued support of Arcapita Ventures and our other existing investors," Jay Yadav, MD, Founder and CEO of CardioMEMS stated. "We look forward to the successful completion in the coming months of the CHAMPION trial and the continuation of the FDA approval process for our CHAMPION heart failure pressure measurement system.”