CardioMEMS, Inc. Tops Georgia's 2010 Venture Financing List
ATLANTA, April 4, 2011 /PRNewswire/ -- CardioMEMS, Inc., an Atlanta-based medical technology company that has developed and is commercializing a proprietary wireless sensing and communication technology for the human body, today announced that its Q1 2010 venture financing was ranked first in Georgia by dollar amount raised in 2010. The Georgia Top 25 Venture Capital Deals listing was compiled by PricewaterhouseCoopers, LLP and published in the Atlanta Business Chronicle.
The $37.9 million venture capital transaction, with lead investor Arcapita Ventures and co-investors Boston Millennia Partners, Foundation Medical Partners, Aperture Capital, Arboretum Ventures, Deerfield Partners, Easton Capital, Saints Capital and Vision Capital, provided CardioMEMS with additional funding to complete its CHAMPION clinical trial. The 550-patient trial, conducted in 64 prominent U.S. heart centers, evaluated the safety and effectiveness of CardioMEMS' heart failure pressure measurement system. The positive results of the CHAMPION trial were published in the February 2011 issue of The Lancet, one of the world's leading medical journals.
"The financing provided in early 2010 by Arcapita and our other investors, has been invaluable to the success of CardioMEMS and its CHAMPION trial," said Dr. Jay Yadav, Founder and CEO of CardioMEMS. "Surpassing even our success is the increasing amount of venture capital dollars being invested here in Georgia that underscores the rising importance of this region as a growing hub for the entrepreneurial medical device industry."
The CardioMEMS wireless HF sensor is an innovative miniature device that 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. After the proc