Heart failure startup raises $33.5M for adjustable interatrial shunt
Adona Medical, a California-based healthcare startup, has raised $33.5 million in Series C financing. The new financing is expected to go toward product development and getting the company’s adjustable interatrial shunt technology to treat heart failure into the hands of physicians.
Cormorant Asset Management and TCP Health Ventures led the round, with other investors such as Excelestar Ventures, the PA MedTech VC Fund II, Unorthodox Ventures, AMED Ventures also participating.
Adona Medical’s adjustable interatrial shunt can be made larger or smaller in size after implantation through the use of a custom-designed induction catheter. The device’s sensors send daily readings to the patient’s physicians, providing updated hemodynamic data that can then be used to guide care decisions. It has not yet been approved for use in the United States.
“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,” Paul Sorajja, MD, a cardiologist with the Minneapolis Heart Institute and chair of the Minneapolis Heart Institute Foundation’s Valve Science Center, said in a statement. “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.”
“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,” added Brian Fahey, Adona Medical’s co-founder and CEO. “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.”
Adona Medical is a privately held portfolio company of Shifamed, a California-based medical innovation hub founded by serial entrepreneur Amr Salahieh. Laza Medical, Supira Medical and Akura Medical are other active Shifamed portfolio companies focused on cardiovascular technologies.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.