BC medtech company gears up for targeted commercial launch later this year.
British Columbia (BC) heart device maker Kardium has secured $340 million CAD ($250 million USD) in financing to fuel the launch of its innovative atrial fibrillation (AF) treatment.
“This is a pivotal moment in the evolution of AF treatment.”
Aaron Schaechterle,
Janus Henderson Investors
AF is a common irregular heartbeat disorder that affects more than 59 million people globally, putting them at a higher risk for serious complications such as stroke and heart failure. Kardium has been working on technology to treat AF since it was founded in 2007—and now it appears to be close to commercializing its solution, the Globe Pulsed Field System (Globe System).
Kardium’s Globe System uses a method called pulsed field ablation (PFA). It consists of a “sophisticated catheter” with 122 electrodes that works in tandem with software to permit rapid pulmonary vein isolation—the practice of delivering an electric pulse to target problematic cells and treat AF—as well as high-definition mapping and precision targeting of areas of the upper chambers of the heart, called the atria.
AF causes rapid, chaotic beating of these upper heart chambers, which can cause dizziness, fainting, fatigue, and shortness of breath, along with more serious complications and a potentially reduced life expectancy unless it is effectively treated.
Kardium plans to use this capital to pursue regulatory approval for the Globe System, expand its manufacturing capabilities, and establish a clinical support and commercial team ahead of a commercial launch targeted for later this year. Kardium also intends to conduct clinical research into potential other applications and indications for the Globe System. BetaKit has reached out to Kardium for comment and more details about the financing. This round comes a year after Kardium secured $143 million CAD for similar purposes.
RELATED: Kardium secures $143 million CAD to help bring irregular heartbeat treatment to market
In a statement, Kardium CEO Kevin Chaplin said this latest financing will help the firm commercialize its product. Chaplin told The Globe and Mail, which was first to report this news, that he expects Kardium to secure approval as a Class 3 medical device from the United States’ Food and Drug Administration this year, then look into approval from health authorities in Canada and Europe. Chaplin told The Globe that Kardium hopes to go public next year.
The round was led by new backers, including Janus Henderson Investors, Qatar Investment Authority (the country’s sovereign wealth fund), MMCAP, Piper Heartland Healthcare Capital, Eventide Asset Management, and Eckuity Capital. Existing investors also participated, including funds and accounts advised by T. Rowe Price Associates, T. Rowe Price Investment Management, and Durable Capital Partners. This financing includes an equity investment from an undisclosed “leading strategic investor.” According to The Globe, MMCAP was the lone Canadian participant.
“The Globe System is a disruptive innovation with exemplary clinical outcomes that has the potential to improve the lives of patients,” Janus Henderson Investors portfolio manager Aaron Schaechterle said in a statement. “This is a pivotal moment in the evolution of AF 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.”
Feature image courtesy Kardium.