Kardium Inc, a Burnaby, British Columbia-based medical device company, has raised undisclosed financing led by T. Rowe Price Associates, a U.S. investment management firm.
The round was joined by new and existing investors.
Kardium, founded in 2007, has developed an advanced system for the diagnosis and treatment of atrial fibrillation, a heart rhythm disorder.
Led by CEO Doug Goertzen, the company will use the funds raised to commercialize the system in Canada and Europe and back clinical testing in the United States.
Photo: Doug Goertzen, co-founder and CEO of Kardium Inc.
Kardium Announces New Financing to Commercialize the Globe System for the Treatment of Atrial Fibrillation
T.Rowe Price leads new round of financing together with new and existing investors
February 07, 2019
VANCOUVER, British Columbia–(BUSINESS WIRE)–Kardium Inc., developer of the Globe® Mapping and Ablation System for the treatment of atrial fibrillation, announced today that it has raised an undisclosed amount in a new financing round. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc., and included participation from other new and existing Kardium shareholders.
Kardium was founded in 2007, with the vision of providing a complete solution for the treatment of atrial fibrillation. Atrial fibrillation is the world’s most common heart rhythm disorder and affects about 40 million people worldwide.
The Globe system is a powerful mapping and ablation solution that consists of a sophisticated catheter with 122 electrodes and advanced software, that together enable rapid pulmonary vein isolation, high resolution mapping, and the ability to ablate anywhere in the atrium.
Having completed very successful clinical testing of the Globe system in Switzerland and Germany, Kardium now plans to launch the Globe system with commercial sales in Europe in 2019. Kardium will also start a clinical study in the US this year.
“This financing round is a reflection of the positive results of our clinical testing of the Globe system in Europe, and the potential of the Globe system to improve the treatment of atrial fibrillation.” said Doug Goertzen, CEO of Kardium. “We are very excited to have T. Rowe Price lead this round of investment. We are looking forward to a long and successful partnership with them and our other investors.”
“Kardium has developed an exciting technology with the Globe system, which we believe has the potential to transform the treatment of atrial fibrillation,” said Ziad Bakri, portfolio manager of T. Rowe Price Health Sciences Fund. “The company has a large addressable market and a strong management team, and we believe that Kardium could become much larger over time.”
The new financing will be used to fund commercial activities in Europe and Canada, and for clinical testing of the Globe system in the US.
Kardium has developed an advanced system for the diagnosis and treatment of atrial fibrillation, the Globe® Mapping and Ablation system. The Globe system delivers a complete solution for the treatment of atrial fibrillation. For additional information visit www.kardium.com
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Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global investment management organization that provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The organization also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
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