Expanding Ways to Treat Heart Failure
OSF Ventures Expands Support in Company Addressing Heart Failure Management
OSF Ventures, the corporate investment arm of OSF HealthCare, was part of an investor syndicate helping medtech company, Endotronix, Inc., close a $45 million Series D round of financing.
The financing will support the commercialization of the Cordella™ Heart Failure System and clinical development of the Cordella™ Pulmonary Artery Sensor, including FDA Premarket Approval.
Founded in Peoria, Illinois, Endotronix developed a wireless sensor that is implanted into an artery to monitor pulmonary artery pressure and a patient management solution to improve patient care. Clinical information gathered from the sensor is securely transmitted to a patient’s doctor in real-time via a handheld reader, which allows a patient greater mobility. The pressure data is an early indicator of worsening heart failure, and having real-time access to it allows doctors to better manage advanced heart failure.
Nearly 6 million Americans live with heart failure. It is the leading cause of hospitalization for people over 65 with annual treatment costs exceeding $31 billion. Clinical studies have demonstrated that pulmonary artery pressure-guided management can reduce heart failure-related hospitalizations and reduce mortality.
This device has the potential to greatly impact the care of patients with chronic heart failure and improve their quality of life.
“This research is exciting as the sensor technology is smaller and more portable, allowing for more frequent pressure monitoring. It also looks to couple an Internet-based home disease management system with the pulmonary artery pressure sensor data,” said Barry Clemson, M.D., OSF HealthCare Ministry Heart Failure Medical Director. “This device has the potential to greatly impact the care of patients with chronic heart failure and improve their quality of life.”
OSF Ventures invested in the series C round of financing for Endotronix in 2016, which enabled safety and feasibility studies for the implantable sensor.
“Our confidence in the Cordella™ Pulmonary Artery Sensor has only expanded as the Company and its technology has matured. We see this as a significant, emerging technology that has great potential for heart failure patients,” said Stan Lynall, Vice President of Venture Investments for OSF HealthCare.
The Series D investment round was led by LSP, investing from its LSP Health Economics Fund 2, and included Aperture Venture Partners, BioVentures Investors, Lumira Ventures, Seroba Life Sciences, SV Health Investors, Wanxiang Healthcare Investments, and an unnamed corporate strategic investor, in addition to OSF Ventures.