Adona Medical has secured US$33.5 million in Series C financing, with the money to be used to further product development and initiate clinical use of the company’s adjustable interatrial shunt with integrated bi-atrial pressure monitoring.
The financing was led by Cormorant Asset Management and TCP Health Ventures, with participation from Excelestar Ventures, the PA MedTech VC Fund II, Unorthodox Ventures, AMED Ventures, and other new and existing investors. Adona Medical is a part of the Shifamed portfolio of companies.
“Heart failure is a complex condition that benefits from an individualised treatment paradigm, yet many of the device-based treatment options available today offer a one-size-fits-all approach,” said Paul Sorajja (Minneapolis Heart Institute Foundation, Minneapolis, USA). “Adona’s innovative shunt and sensor pairing aims to provide a more individualised 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. I look forward to working with the Adona team as they move into clinical use later this year.”
“Despite advancements in heart failure therapies, challenges remain that limit patient applicability and physician adoption with first-generation devices,” said Bihua Chen, founder and managing member of Cormorant Asset Management. “We are pleased to lead this round as we believe Adona’s technology has the potential to disrupt the field and benefit the millions of patients suffering from heart failure.”
The Adona device includes a shunt that features a flow channel with an adaptable geometry that can be made larger or smaller post-implantation via the use of a proprietary induction catheter. In addition, the implantable device features integrated sensors designed to capture pressure readings from both the left and right atria multiple times per day without requiring patient interaction.
These daily readings can provide physicians with a more complete understanding of a patient’s hemodynamic status and can augment shunt therapy by enabling more informed medical management.
“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,” commented Brian Fahey, co-founder and chief executive officer of Adona Medical. “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.”
