CardioMEMS completes $37.9M financing

CardioMEMS, Inc., a medical technology company that has developed and is commercializing a proprietary wireless sensing and communication technology for the human body, today announced the completion of a $37.9M financing. The financing provides the company with capital to complete the company's CHAMPION clinical trial. Initiated in 2007, the CHAMPION trial is evaluating the safety and effectiveness of CardioMEMS' heart failure (HF) pressure measurement system in 550 patients in the U.S. Full patient enrollment in the CHAMPION trial was completed in 2009. Currently, CardioMEMS anticipates obtaining the results of its CHAMPION trial in the summer of 2010.

“We are pleased with the continued support of Arcapita Ventures and our other existing investors. We look forward to the successful completion in the coming months of the CHAMPION trial and the continuation of the FDA approval process for our CHAMPION heart failure pressure measurement system.”

The CardioMEMS wireless HF sensor is an innovative miniature device which is implanted into the patient's pulmonary artery using a simple, catheter-based procedure. The pulmonary artery pressure is then measured and displayed using the CardioMEMS proprietary electronic monitoring system. Following the procedure, patients perform wireless measurements of their pulmonary artery pressure from home. The pressure data is immediately transmitted to a secure database and is available for review by the implanting physician on the CardioMEMS proprietary website.

The CHAMPION clinical trial is being conducted in over 65 leading heart centers in the U.S. The co-principal investigators of the trial are Philip Adamson, MD, Director of the Heart Failure Institute, Oklahoma Heart Institute and William Abraham, MD, Director of the Division of Cardiovascular Medicine at The Ohio State University Medical Center.

Jay Yadav, MD, Founder and CEO of CardioMEMS and an interventional cardiologist, commented, "We are pleased with the continued support of Arcapita Ventures and our other existing investors. We look forward to the successful completion in the coming months of the CHAMPION trial and the continuation of the FDA approval process for our CHAMPION heart failure pressure measurement system."