Endotronix Secures $70 Million Series D Financing to Advance Clinical Trials and Commercialization of Cordella Platform

VCBeat (WeChat Official Account: vcbeat) has learned that Endotronix, Inc. recently announced the completion of a $70 million Series D financing round. The round was led by Life Sciences Partners, with participation from Aperture Venture Partners, BioVentures Investors, Lumira Ventures, OSF Ventures, Seroba Life Sciences, Skydeck LLC, SV Health Investors, Wanxiang Healthcare Investments, and an unnamed strategic investor.

The proceeds from this round of financing will be used to support the milestone PROACTIVE-HF clinical trial of the Cordella® Pulmonary Artery Sensor System (Cordella Sensor) and the commercialization of the Cordella® Heart Failure System (Cordella System).

Endotronix, Inc., founded in 2007 and headquartered in East Peoria, Illinois, is a medical device company that develops miniature wireless implantable pressure sensors and related disease management platforms based on digital health and cloud computing technologies.

Dr. Fouad Azzam, General Partner at LSP, stated: “Endotronix has established a strong consortium of institutional and strategic investors who believe that the Cordella Sensor and System can facilitate remote heart failure management. The team will deliver an elegant solution, and we are confident it will demonstrate clear benefits in reducing heart failure-related hospitalizations and improving outcomes for both patients and clinicians.”

Endotronix CEO Harry Rowland stated, “Heart failure care providers are seeking better solutions for patient management, and we believe the Cordella system with PA pressure-guided management meets this need.” “This financing enables us to conduct the PROACTIVE-HF trial to generate the highest level of clinical evidence, which will redefine the standard of care for patients with heart failure and accelerate time to market.”

Endotronix Conducted Two Positive Clinical Studies on the Cordella Sensor:

PROACTIVE-HF is a prospective, multicenter, randomized, controlled, single-blind trial designed to evaluate the safety and efficacy of the Cordella Sensor in more than 950 patients with New York Heart Association (NYHA) Class III heart failure across 60 sites in the United States. This clinical trial has received approval from the U.S. Food and Drug Administration (FDA), with patient enrollment expected to begin in the fourth quarter of 2019. The pivotal trial aims to demonstrate the absolute benefit of pulmonary artery (PA) pressure-guided management in reducing heart failure (HF) hospitalizations and mortality, and to provide the data necessary for market entry and the implantation of the implantable Cordella Sensor throughout the United States.

The SIRONA II CE Mark open-label trial is currently enrolling 60 patients across up to eight European medical centers. This trial will evaluate the safety and efficacy of the Cordella Sensor for treating patients with NYHA Class III heart failure and provide data to support market entry in Europe.

The Cordella system without sensors is commercially available in the United States and the European Union and is currently in use at cardiology centers across the United States. The Cordella Sensor is an investigational device and is not currently approved for commercial use in any geographic region.

LSP (Life Sciences Partners) is a leading European independent investment firm that provides financing to private and public life sciences companies. Since the late 1980s, LSP’s management team has invested in numerous highly innovative enterprises, many of which have grown into global leaders in the life sciences industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech, and Pharming. LSP manages over €500 million in assets and maintains offices in Amsterdam, Munich, and Boston.

(Compiled by Tan Jiulin)