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Burnaby medical firm Kardium raises $115 million

Part of the funds will go towards a study
Kardium CEO Kevin Chaplin, left, with president and COO Doug Goertzen | Photo: Chung Chow

Burnaby-based company Kardium Inc., developer of the Globe Mapping and Ablation System for the treatment of atrial fibrillation, has raised $115 million in a new financing round. The round is led by Fidelity Management & Research Company LLC., together with follow-on participation by funds and accounts advised by T. Rowe Price Associates, Inc.

The new financing will be used to accelerate commercial growth of the Globe System across Europe and to conduct a clinical study for U.S. Food and Drug Administration (FDA) approval of the Globe System.

“We are tremendously excited to have Fidelity Management & Research Company join Kardium as a major investor, along with the T. Rowe Price funds,” said Kevin Chaplin, CEO of Kardium. “Their enthusiasm and support reflect the incredible success we have achieved with the Globe System and reflect the potential we have to dramatically improve the treatment of atrial fibrillation for millions of patients worldwide. This financial backing now allows us to accelerate commercial sales in Europe and begin the FDA study for the Globe System.”

The financing will also allow Kardium to begin additional clinical studies of a new version of the Globe System that uses pulsed field ablation (PFA), a new energy source for cardiac ablation. PFA has the potential to perform faster and safer ablations due to the non-thermal and tissue-selective nature of the energy source.

“Following the success of the Globe System in Europe, we are excited to start the clinical study for FDA approval in the US. Also, we have seen excellent results from our pre-clinical testing of the PFA Globe System and we look forward to using it in clinical studies this year,” said Chaplin.

Kardium was founded in 2007. The Globe Mapping and Ablation System consists of a sophisticated catheter with a 122-electrode array and advanced software that enable rapid pulmonary vein isolation, high-definition mapping, and the ability to ablate anywhere in the atrium – all with a single catheter.