ADONA MEDICAL, A SHIFAMED PORTFOLIO COMPANY, SECURES $37.5M IN SERIES B FINANCING

News provided by

Apr 29, 2022, 08:01 ET

Company looks to finalize development of its advanced interventional approach for heart failure management

CAMPBELL, Calif., April 29, 2022 /PRNewswire/ -- Adona Medical, a Shifamed portfolio company, announced today it has secured $37.5M Series B financing, which will be used to complete product development and support further evaluation of the company's next-generation heart failure management platform. The financing was led by Cormorant Asset Management and The Capital Partnership (TCP), with participation from Excelestar Ventures, AMED Ventures, PA MedTech VC Fund, and Shifamed angel investors.

"Heart failure is a complex condition with numerous phenotypes, and we care for a heterogeneous group of patients with different treatment and medication dosage requirements," stated Dr. Liviu Klein, Section Chief, Advanced Heart Failure, Mechanical Circulatory Support, Pulmonary Hypertension, and Heart Transplant at the University of California, San Francisco. "Adona's innovative sensor and shunt technologies offer an enhanced level of sophistication that will enable us to address each patient's needs with a more personalized, comprehensive approach."

Heart failure is a progressive condition that impacts approximately 6.5 million patients in the United States and as many as 26 million patients globally.¹ These patients generally suffer from impaired functional independence, poor quality of life, and may experience frequent heart failure associated hospitalizations.² Adona Medical aims to deliver advanced interatrial shunting and hemodynamic monitoring systems that will overcome the shortcomings of first-generation devices.

"We are extremely pleased to secure this round of financing with strong support from both new and existing investors, emphasizing the substantial importance of our mission," commented Brian Fahey, CEO of Adona Medical. "We look forward to taking the next steps towards elevating patient care with a much-needed improved solution for heart failure management."

About Adona Medical, Inc.
Adona Medical is a pre-clinical stage medical technology company developing next-generation solutions for patients with advanced heart failure and is a privately held portfolio company of Shifamed LLC. To learn more, please visit www.adonamed.com.

About Shifamed, LLC
Shifamed is a highly specialized medical innovation hub focused on developing solutions that accelerate time to market, reduce risk, increase impact, and forge a path toward a world where patients are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.

MEDIA CONTACT:
Katie Arnold
SPRIG Consulting LLC
+1 (408) 805-0520
[email protected]

¹Benjamin et al. Circulation 2018.

²Jackson et al. Circ Heart Fail 2018.

SOURCE Adona Medical