WESTMINSTER, Colo., May 24, 2016 /PRNewswire/ -- CardioNXT, a privately-held medical device company, announced today that it has secured an additional $1.5MM in equity funding from Solas BioVentures and existing investors.
CardioNXT has built a platform of products that enable a better understanding of complex cardiac arrhythmias such as Atrial Fibrillation, and furthermore deliver targeted therapy to affected areas within the heart. In addition to providing next generation technology, CardioNXT products are designed to reduce the cost of cardiac catheter ablation procedures. This attention to cost reduction will not only benefit the U.S. market, it will enable arrhythmia therapies to be adopted rapidly in global markets including underserved emerging markets. CardioNXT expects regulatory approval for its products in targeted markets within nine months.
Solas BioVentures is a privately held venture capital fund that invests exclusively in life science companies. Solas is headquartered in Chattanooga, TN, with offices in Nashville and Minneapolis.
David Adair, MD, Managing Partner of Solas BioVentures stated: "Our mission is to invest in solutions that enable people to lead longer and fuller lives. Atrial Fibrillation (AFib) affects 6.1 million Americans alone and many more people globally. AFib has been linked to stroke and dementia due to pooling blood and resultant clots travelling to the brain from the heart. The CardioNXT technology platform has the ability to revolutionize how we treat AFib as well as make therapies more affordable globally. We are excited to help CardioNXT bring its technology to market to help people lead longer and fuller lives."
Michael Hoey, PhD, General Partner of Solas BioVentures stated: "Creating a technology to better understand and treat AFib is outstanding. Creating a technology to better treat AFib and lower the cost of adoption so that the entire world can have access to it, that's revolutionary."
Jerome Edwards, Co-Founder and CEO of CardioNXT stated: "We are fortunate to have found a partner in Solas BioVentures that truly appreciates our vision and mission of helping treat patients with cardiac arrhythmias such as AFib in a manner that is affordable for the entire world. CardioNXT was founded by an Engineer and a Cardiac Electrophysiologist (Thomas Kurian, MD), our mission remains true to our core values from inception."