Top Story, Devices & Diagnostics

Cardionomic raises $20M in Series A financing

Cardionomic has secured significant funding to further develop its device designed to treat acute decompensated heart failure with electronic stimulation, a departure from traditional prescription drug treatment.

Twin Cities med-tech startup Cardionomic brought in a significant amount of money for its Series A financing with $20 million to contribute to the design of its minimally invasive medical device. It’s intended to be used in hospitals to treat the causes and symptoms of acute decompensated heart failure (ADHF).

Funds came from New Enterprise Associates, which has reportedly made two dozen investments in Minnesota med-tech companies since 2010; the Cleveland Clinic, where Cardionomic’s technology was originally conceived; and Greatbatch Inc.

“We will use the funds to significantly advance product development and the creation of clinical evidence,” Cardionomic President and CEO Steve Goedeke told the Star Tribune.

The goal with Cardionomic’s device is to treat ADHF at the root cause with electronic stimulation instead of relying on prescription drugs to get blood flowing properly.

“Current ADHF approaches, all of which use drug therapies, inadequately treat the condition and have not improved over the past decades,” Cardionomic Chief Medical Officer Dr. William Abraham said in a news release. Cardionomic’s therapy “normalizes blood flow to organs, such as the kidneys and brain, and restores kidney function to eliminate fluids.”

Small med-tech companies have had less luck getting funding so far this year compared to last. Cardionomic’s first round is thus notable, and it will significantly help with getting its device ready for FDA submission.

Photo: Flickr user Garrett Ammon

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