Funding to support next stage of product
development and early clinical experience of company's novel
interatrial shunt and remote monitoring solution for patients with
heart failure
LOS
GATOS, Calif., July 10,
2024 /PRNewswire/ -- Adona Medical, a Shifamed
portfolio company that aims to deliver advanced solutions for heart
failure, announced today it has secured $33.5 million in Series C financing. The funds
will be used to further product development and to initiate
clinical use of the company's adjustable interatrial shunt with
integrated bi-atrial pressure monitoring. The financing was led by
Cormorant Asset Management and TCP Health Ventures, with
participation from Excelestar Ventures, the PA MedTech VC Fund II,
Unorthodox Ventures, AMED Ventures, and other new and existing
investors.
"Heart failure is a complex condition that benefits from an
individualized treatment paradigm, yet many of the device-based
treatment options available today offer a one-size-fits-all
approach," said Paul Sorajja, MD,
Roger L. and Lynn C. Headrick Family Chair of the Valve Science
Center, Minneapolis Heart Institute Foundation. "Adona's innovative
shunt and sensor pairing aims to provide a more individualized
management strategy and is designed so that shunt flow can be
adjusted to best suit the needs of each individual patient, both
initially and as their condition evolves over time. I look forward
to working with the Adona team as they move into clinical use later
this year."
"Despite advancements in heart failure therapies, challenges
remain that limit patient applicability and physician adoption with
first-generation devices," said Bihua
Chen, Founder and Managing Member of Cormorant Asset
Management. "We are pleased to lead this round as we believe
Adona's technology has the potential to disrupt the field and
benefit the millions of patients suffering from heart failure."
The Adona device includes a shunt that features a flow channel
with an adaptable geometry that can be made larger or smaller
post-implantation via the use of a proprietary induction catheter.
In addition, the implantable device features integrated sensors
designed to capture pressure readings from both the left and right
atria multiple times per day without requiring patient interaction.
These daily readings can provide physicians with a more complete
understanding of a patient's hemodynamic status and can augment
shunt therapy by enabling more informed medical management. Heart
failure is a progressive condition that impacts approximately 6.5
million patients in the United
States and as many as 26 million patients
globally.1
"Adona is committed to improving outcomes for patients with
heart failure. We've developed multiple innovative technologies
that we believe will elevate the impact that is achievable with
device-based interventions," commented Brian Fahey, Co-Founder and Chief Executive
Officer of Adona Medical. "The team has made tremendous progress in
advancing our solution for heart failure management and we are
grateful for the strong ongoing support from our investors as we
take the next steps in our journey."
About Adona Medical, Inc.
Adona Medical, a privately
held portfolio company of Shifamed, LLC, is a pre-clinical stage
medical technology company developing next-generation interatrial
shunting and remote patient monitoring solutions for patients with
advanced heart failure. The Adona Medical heart failure management
platform is an investigational device and is not approved for use
in the U.S. or anywhere in the world. To learn more, please visit
www.adonamed.com.
About Shifamed, LLC
Founded by serial entrepreneur Amr
Salahieh, Shifamed is a highly specialized medical innovation hub
focused on developing solutions that forge a path toward a world
where patients are able to lead longer, healthier lives. To learn
more about Shifamed, please visit www.shifamed.com.
MEDIA CONTACT:
Jennie Kim
SPRIG Consulting, LLC
jennie@sprigconsulting.com
References:
- Benjamin et al. Circulation 2018.
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SOURCE Adona Medical