WOODRIDGE, Ill., Jan. 9, 2017 /PRNewswire/ -- Endotronix, Inc., a digital health medtech company providing innovative solutions for patients with advanced heart failure, today announced that it has entered into a $12 million term loan agreement with Silicon Valley Bank (SVB), the bank of the world's most innovative companies. The financing comes after a successful $32 million Series C round last July that included BioVentures Investors, SV Life Sciences (SVLS), Lumira Capital, Aperture Venture Partners, OSF Ventures, existing investors, and a corporate strategic investor. The financing will support the clinical program of the Cordella™ Heart Failure System, which is comprised of a breakthrough wireless pulmonary artery (PA) sensor and cloud-based outpatient management system.
"This financing builds on our recent Series C round and we are thrilled to be working with the SVB team," commented Harry Rowland, CEO, Endotronix. "We look forward to advancing our clinical program with proactive heart failure management that simplifies at-home care and improves patient outcomes."
"We're pleased to partner with Endotronix as they advance their end-to-end patient management solution for chronic heart failure," said Tom Hertzberg, Director, Life Science and Healthcare, Silicon Valley Bank. "We believe the patient-centered Cordella System can help streamline care and improve outcomes while decreasing healthcare costs. We look forward to being a part of Endotronix's future success."
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 solution, the Cordella™ Heart Failure System, 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 http://www.endotronix.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
©2017 SVB Financial Group. All rights reserved. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group. Silicon Valley Bank is a member of FDIC and Federal Reserve System.
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SOURCE Endotronix, Inc.
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