A Medical Device Daily
Cardima (Fremont, California) said it has completed the private sale of 18,518,518 shares of common stock at $1.08 a share to an accredited investor for total gross proceeds from the sale of $20 million. In addition, the company said it would issue to the investor warrants to purchase 5,555,555 shares of common stock at an exercise price of $1.25 a share.
"The fact that Cardima is able to raise equity in the midst of the most challenging economic environment that we have faced in generations is a testament to the commercial potential of our ablation technology," said Tony Shum, chairman of Cardima. "We intend to use the proceeds to prudently continue to execute our commercial plans to support further product adoption and to repay outstanding loans."
Cardima describes itself as a device company focused on the treatment of atrial fibrillation (AF). The company has developed the Pathfinder, Tracer and Revelation series of diagnostic catheters, the Intellitemp energy management device and the surgical ablation system. All of these devices have received CE mark approval and FDA 510(k) clearance, the company notes. The Revelation series of ablation catheters with Intellitemp EP energy management device, developed for the treatment of AF, has received CE mark approval and is marketed in Europe, the company added.
In other financing activity, GetWellNetwork (Bethesda, Maryland), a provider of interactive patient care (IPC) solutions, said it received $10 million in a Series C financing round. Johnson & Johnson Development Corporation, as well as existing investors including Valhalla Partners, Grosvenor Funds, Point Judith Capital, and Village Ventures & Affiliates, participated in the financing.
GetWellNetwork, in partnership with leading hospitals and healthcare systems across the country, delivers technology and services to drive optimal patient outcomes. Empowering patients as active participants in the healthcare process, IPC solutions are patient-centric applications delivered at the point-of-care to ensure the completion of service and quality requirements, while driving new revenue opportunities and operational efficiencies for healthcare providers, according to the company.