Adona Medical, a Shifamed Portfolio Company, Raises $33.5 Million in Series C Financing

Funding to support next stage of product development and early clinical experience of company's novel interatrial shunt and remote monitoring solution for patients with heart failure

LOS GATOS, Calif., July 10, 2024 /PRNewswire/ -- Adona Medical, a Shifamed portfolio company that aims to deliver advanced solutions for heart failure, announced today it has secured $33.5 million in Series C financing. The funds will be used to further product development and to initiate clinical use of the company's adjustable interatrial shunt with integrated bi-atrial pressure monitoring. The financing was led by Cormorant Asset Management and TCP Health Ventures, with participation from Excelestar Ventures, the PA MedTech VC Fund II, Unorthodox Ventures, AMED Ventures, and other new and existing investors.

"Heart failure is a complex condition that benefits from an individualized treatment paradigm, yet many of the device-based treatment options available today offer a one-size-fits-all approach," said Paul Sorajja, MD, Roger L. and Lynn C. Headrick Family Chair of the Valve Science Center, Minneapolis Heart Institute Foundation. "Adona's innovative shunt and sensor pairing aims to provide a more individualized management strategy and is designed so that shunt flow can be adjusted to best suit the needs of each individual patient, both initially and as their condition evolves over time. I look forward to working with the Adona team as they move into clinical use later this year."

"Despite advancements in heart failure therapies, challenges remain that limit patient applicability and physician adoption with first-generation devices," said Bihua Chen, Founder and Managing Member of Cormorant Asset Management. "We are pleased to lead this round as we believe Adona's technology has the potential to disrupt the field and benefit the millions of patients suffering from heart failure."

The Adona device includes a shunt that features a flow channel with an adaptable geometry that can be made larger or smaller post-implantation via the use of a proprietary induction catheter. In addition, the implantable device features integrated sensors designed to capture pressure readings from both the left and right atria multiple times per day without requiring patient interaction. These daily readings can provide physicians with a more complete understanding of a patient's hemodynamic status and can augment shunt therapy by enabling more informed medical management. Heart failure is a progressive condition that impacts approximately 6.5 million patients in the United States and as many as 26 million patients globally.¹

"Adona is committed to improving outcomes for patients with heart failure. We've developed multiple innovative technologies that we believe will elevate the impact that is achievable with device-based interventions," commented Brian Fahey, Co-Founder and Chief Executive Officer of Adona Medical. "The team has made tremendous progress in advancing our solution for heart failure management and we are grateful for the strong ongoing support from our investors as we take the next steps in our journey."

About Adona Medical, Inc.
Adona Medical, a privately held portfolio company of Shifamed, LLC, is a pre-clinical stage medical technology company developing next-generation interatrial shunting and remote patient monitoring solutions for patients with advanced heart failure. The Adona Medical heart failure management platform is an investigational device and is not approved for use in the U.S. or anywhere in the world. To learn more, please visit www.adonamed.com.

About Shifamed, LLC
Founded by serial entrepreneur Amr Salahieh, Shifamed is a highly specialized medical innovation hub focused on developing solutions that forge a path toward a world where patients are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.

MEDIA CONTACT:
Jennie Kim
SPRIG Consulting, LLC
[email protected]

References:

1. Benjamin et al. Circulation 2018.

SOURCE Adona Medical