Endotronix Closes $32 Million in Financing to Address Heart Failure Management
Backed by Strong Caliber of Current and New Investors
WOODRIDGE, Ill., July 14, 2016 /PRNewswire/ -- Endotronix, Inc., a digital health medtech company providing innovative solutions for patients with advanced heart failure, today announced that the company has closed a $32 million Series C round of financing. The investor syndicate brings together proven leaders in the backing of breakthrough cardiac care technology, including BioVentures Investors, SV Life Sciences (SVLS), Lumira Capital, Aperture Venture Partners, and OSF Ventures. Existing investors and a corporate strategic investor completed the round. As part of the deal the Board of Directors will now include representatives from BioVentures, SVLS, Lumira, Luxemburg Capital, and one independent board member.
"We are pleased to welcome these high caliber medtech investors and our new board members," stated Harry Rowland, CEO, Endotronix. "The Series C financing will fund our clinical program including commercialization of our cloud-based outpatient management system and the safety and feasibility study for our implantable wireless pulmonary artery sensor."
Nearly 6 million Americans live with heart failure. It is the leading cause of hospitalization for people over 65 with annual treatment costs exceeding $31 billion. The technology under development at Endotronix will result in early patient intervention and offers the promise to significantly reduce costs to the healthcare system while dramatically improving patient care.
"We are excited to invest in Endotronix and believe it is well positioned to disrupt costly heart failure treatment patterns and add significant value to the market," shared Paul LaViolette, Managing Partner, SVLS and incoming Endotronix Chairman of the Board. "The company's end-to-end patient management solution will integrate critical data on one platform to best address the clinical problem of managing patients with advanced heart failure."
Endotronix's solution combines a cloud-based patient management system and an implantable pulmonary artery sensor for improved outpatient hemodynamic management. Real-time monitoring of pulmonary artery pressures has been shown to reduce heart failure hospitalizations by as much as 37%1. The Endotronix wireless solution seamlessly integrates daily clinical monitoring of key physiological data with improved communication between patients, caregivers and clinicians for earlier detection of worsening heart failure. The company's protocol-driven care management system aims to improve the quality of life of the millions of patients suffering from advanced heart failure.
"Patient-friendly, wireless solutions that provide early detection and link the physician and patient in continuous communication have enormous potential for the management of chronic heart failure," said Leslie Saxon, MD, Professor of Medicine and Executive Director for the Center for Body Computing, University of Southern California. "The Endotronix solution optimizes the inefficient management and communication pathways that currently plague both patients and physicians."
About Endotronix
Endotronix, Inc., a digital health medtech company, is developing an integrated platform to provide comprehensive, reimbursable health management tools for patients suffering from advanced heart failure. The company's comprehensive solution includes a cloud-based disease management data system and outpatient hemodynamic management with a breakthrough implantable wireless pulmonary artery sensor for early detection of worsening heart failure.
Learn more at www.endotronix.com
MEDIA CONTACT:
Carla Benigni
SPRIG Consulting LLC
(847) 951-7430
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1 Abraham W.T., Adamson P.B., Bourge R.C., Wireless pulmonary artery haemodynamic monitoring in chronic heart failure: a randomized controlled trial. Lancet. 2011;377:658-666.
SOURCE Endotronix, Inc.
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