A B.C.-based company has secured a major investment to help launch its heartbeat treatment technology.
Burnaby-based Kardium Inc. announced Wednesday it has raised US$250 million to support the launch of the Globe Pulsed Field System later this year. The technology aims to treat atrial fibrillation—an irregular heartbeat—more effectively.
“We’re thrilled to have secured this transformational financing with a world-class syndicate of investors,” said Kevin Chaplin, CEO of Kardium, in a statement on Wednesday.
“This funding enables us to move ahead with the commercial launch of the Globe System by expanding our manufacturing capabilities and building a strong commercial team."
The fund will also help support regulatory approvals for the launch and expand clinical research for the system.
The new investment follows a financing round last year in which Kardium raised US$104 million. Fidelity Management & Research Company LLC led that round after Kardium previously secured US$115 million in funding in 2021.
The latest funding round was led by existing backers as well as new investors, including Janus Henderson Investors, Qatar Investment Authority, MMCAP, Piper Heartland Healthcare Capital, Eventide Asset Management and Eckuity Capital.
“This is a pivotal moment in the evolution of [atrial fibrillation] treatment, as the field transitions toward pulsed field ablation, and we are proud to help support the introduction of Kardium’s groundbreaking technology to the market,” said Aaron Schaechterle, portfolio manager at Janus Henderson Investors, in a Wednesday statement.
Founded in 2007, Kardium is a privately held medical technology company best known for its atrial fibrillation treatment system. Its manufacturing operations are based in Burnaby.
The system consists of a catheter with a 122-electrode array and software that enables rapid pulmonary vein isolation, high-definition mapping and the ability to ablate tissue anywhere in the atrium, according to the company.
