Kardium secures US $104M financing

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By CPE News

CPE News (6.11.2024) – Kardium Inc. has raised US $104 million in new funding is led by existing investor Fidelity Management & Research Company, with follow-on participation from funds and accounts advised by T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc. and from new investor Durable Capital Partners LP.

Kardium Inc. did not disclose whether the new funding is either Series E or Series D add-on. If it is the later, Kardium’s Series D would be the longest Series of financing spanning from 2015 to 2024.

Vancouver based Kardium Inc. is developer of the Globe® Mapping and Ablation System for the treatment of atrial fibrillation.

New funding will allow Kardium to complete its PULSAR clinical study in order to obtain regulatory approvals for the Globe System, to grow the manufacturing team and capacity, and to build a clinical support and commercial team in preparation for the commercial launch of the Globe System.

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News Release

Kardium Announces $104M in New Financing for Innovative Atrial Fibrillation Treatment

Private financing round supported by Fidelity Management & Research Company, T. Rowe Price and Durable Capital Partners

June 11, 2024 09:00 AM Eastern Daylight Time

VANCOUVER, British Columbia–(BUSINESS WIRE)–Kardium Inc., developer of the Globe® Mapping and Ablation System for the treatment of atrial fibrillation, has raised US $104 million in a new financing round. The round is led by existing investor Fidelity Management & Research Company, together with follow-on participation by funds and accounts advised by T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc. as well as new investor Durable Capital Partners LP.

“We are very excited to have the continued support of existing investors, and welcome Durable Capital Partners to this round,” said Kevin Chaplin, CEO of Kardium. “Their enthusiasm and support reflect the incredible success we have achieved with the Globe System and the tremendous potential we have to dramatically improve the treatment of atrial fibrillation for millions of patients worldwide.”

The new financing will allow Kardium to complete its PULSAR clinical study in order to obtain regulatory approvals for the Globe System, to grow the manufacturing team and capacity, and to build a clinical support and commercial team in preparation for the commercial launch of the Globe System.

Recent clinical data presented at the Heart Rhythm Society annual meeting demonstrated impressive results with the Globe System, showing freedom from atrial arrhythmia at 1 year of 84.2% in paroxysmal AF patients and 80% in persistent AF patients.

The Globe Mapping and Ablation System consists of a sophisticated catheter with a 122-electrode array and advanced software that enable rapid pulmonary vein isolation, high-definition mapping, and the ability to ablate anywhere in the atrium – all with a single catheter.




About Kardium

Kardium Inc. (kardium.com) is a rapidly growing, privately held medical solutions company that has developed an advanced system for atrial fibrillation (AF) treatment: the Globe System. Kardium has built an outstanding team, who have worked with top medical advisors to develop the Globe System. Founded in 2007 and headquartered in Vancouver, Canada, Kardium has consistently ranked as one of the top companies to work for in British Columbia.

This press release may contain forward-looking statements, which reflect current expectations regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements. The Globe System is restricted by federal law to investigational use only, and it has not been approved or cleared for commercial distribution in any jurisdictions.
Contacts

Koert VandenEnden
Chief Financial Officer
+1-604-248-8891 | koert.vandenenden@kardium.com