CardioMEMS, Inc. Closes $33 Million Series E Financing and Appoints New CFO
Atlanta GA – CardioMEMS, Inc., the pioneer in wireless sensing for the management of chronic cardiovascular diseases such as Heart Failure, today announced the closing of its Series E Preferred Stock financing for $33 million of equity funding led by Arcapita Ventures. Joining Arcapita in this financing round are existing investors Boston Millennia Partners, Medtronic, Inc., Easton Capital Partners, Foundation Medical Partners, and Arboretum Ventures, along with new investors Deerfield Capital Management, Vision Capital Advisors, Aperture Venture Partners and Rockport Venture Securities.
“We are pleased with the continued support of Arcapita Ventures and our existing and new investors,” stated Jay Yadav, MD, Chairman and CEO of CardioMEMS, Inc. “This is a very exciting time for CardioMEMS as we conduct our randomized trial aimed at reducing heart failure hospitalizations with our wireless sensing technology. The absence of leads and batteries in our technology, we believe, provides a substantial safety advantage.”
“We continue to be impressed with the rapid progress CardioMEMS has made in all aspects of their business,” stated John Huntz, Executive Director at Arcapita. “We believe that CardioMEMS’ focus on improving the management and treatment of chronic diseases along with a superior combination of managerial talent, innovative technology, intellectual property and operational effectiveness has ideally positioned them for continued growth and success.”
The Board of Directors of CardioMEMS also announced that it has appointed Daniel H. Bauer as Chief Financial Officer of the Company. Previously, Dan was CFO for Granite City Food and Brewery (NASDAQ: GCFB) and Church’s Chicken, a division of AFC Enterprises, Inc. (NASDAQ: AFCE). Dan will be a member of the executive team at CardioMEMS responsible for developing and executing the company’s strategic objectives as well as leading all accounting and financial activities. “We believe that Dan’s extensive financial experience and corporate accounting expertise will be of immense value to CardioMEMS as we rapidly grow our existing business and begin to enter new markets,” said Jay Yadav.
