Betakit recently reported that Kardium, a British Columbia-based medical technology company, closed a US$115 million investment round led by US-based Fidelity Management and a follow-on investment by T. Rowe Price Associates. T. Rowe Price Associates previously led Kardium’s US$40 million financing round in 2018. Prior to this most recent financing, Kardium had raised more than US$100 million in total funding.
Kardium has developed a medical device, the Globe Mapping and Ablation System (the “Globe System”), that is considered an advanced system for the treatment of atrial fibrillation. After recently receiving approval from European health authorities, Kardium has launched its device in Europe. With this recent financing round, Kardium plans to:
accelerate commercial growth of the Globe System across Europe;
conduct a clinical study for US Food and Drug Administration (“FDA”) approval of its Globe System; and
begin additional clinical studies of a new version of the Globe System that uses a new energy source for cardiac ablation.
The Globe and Mail also reported that Kardium will use the financing to tide it over until it goes public. It has been suggested that Kardium is planning on going public in 2024, after it hopes to receive FDA approval in late 2023. The founders of Kardium have experience growing start-ups, having previously founded Creo Inc., which they sold to Eastman Kodak Company for US$980 million in 2005.
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