QIA Join Global Investors in Kardium’s New Funding Round
Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has said that it has joined a syndicate of world class investors in a $250 million fundraising round of Vancouver-based medical start-up Kardium, the developer of the Globe Pulsed Field System, an innovative treatment for atrial fibrillation (AF).
Along with QIA, the other investors include Janus Henderson Investors, MM Capital, Piper Heartland Healthcare Capital, Eventide Asset Management, and Eckuity Capital in leading the round.
Existing investors also participated, including funds and accounts advised by T Rowe Price Associates, Inc., T Rowe Price Investment Management, Inc., and Durable Capital Partners LP. The financing also includes an equity investment from a leading strategic investor.
The new funding will enable Kardium to pursue regulatory approvals for the Globe System, further expand its manufacturing facilities and production capacity, and establish a clinical support and commercial team in preparation for the anticipated commercial launch of the Globe System later this year.
Kardium CEO Kevin Chaplin said that they were thrilled to have secured this transformational financing with a world-class syndicate of investors.
He said that this funding enables Kardium to move ahead with the commercial launch of the Globe System by expanding its manufacturing capabilities and building a strong commercial team. Everyone at Kardium is energised by the opportunity to bring the Globe System to market and help improve the lives of millions of patients worldwide suffering from atrial fibrillation, he noted.
Aaron Schaechterle, Portfolio Manager at Janus Henderson Investors, said that the Globe System is a disruptive innovation with exemplary clinical outcomes that has the potential to improve the lives of patients with atrial fibrillation.
He added: “This is a pivotal moment in the evolution of AF treatment, as the field transitions toward pulsed field ablation, and we are proud to help support the introduction of Kardium’s ground-breaking technology to the market.”
Proven Results
Impressive clinical data from the pivotal PULSAR clinical study of the Globe System demonstrates remarkable results with the Globe System, showing freedom from atrial arrhythmia at 1 year of 78% in paroxysmal AF patients, with 0% device-related primary safety events.
The Globe Pulsed Field System consists of a sophisticated catheter with a 122-electrode array and advanced software that enables rapid pulmonary vein isolation, high-definition mapping, and the ability to ablate anywhere in the atrium – all with a single catheter.
Kardium has built an outstanding team, who have worked with top medical advisors to develop the Globe System. Founded in 2007 and headquartered in Vancouver, Canada, Kardium has consistently ranked as one of the top companies to work for in British Columbia.
