The Vancouver-based healthtech company said the new capital should finance commercialization of its device to treat malfunctioning electrical signals in human hearts. Participants in the round include new backers Janus Henderson Investors, the Qatar Investment Authority, Canada’s Spartan Funds’ MMCAP, Piper Heartland Healthcare Capital, Eventide Asset Management, and Eckuity Capital. (The Logic)
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The Vancouver-based healthtech company said the new capital should finance commercialization of its device to treat malfunctioning electrical signals in human hearts. Participants in the round include new backers Janus Henderson Investors, the Qatar Investment Authority, Canada’s Spartan Funds’ MMCAP, Piper Heartland Healthcare Capital, Eventide Asset Management, and Eckuity Capital. (The Logic)
Talking point: Atrial fibrillation is a relatively common heart ailment that can lead to deadly strokes and heart failure, besides patients’ discomfort. Kardium’s device, inserted into a heart through a catheter, maps the muscle’s activity from within and zaps misfiring tissue with electricity. The company raised US$115 million in 2021, when it was targeting approval in the U.S. by 2023 and an IPO the following year. Clinical trials have been slower than expected, but apparently successful. The funding is to cover final regulatory approvals (Kardium has initial approval from the U.S. Food and Drug Administration but is working through a more stringent process), building up manufacturing capacity, and hiring a clinical and commercial support team.
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