iBIO Member and PROPEL Company, Endotronix announces $12 million in dept financing
West suburban Endotronix, Inc., a digital health medtech company providing innovative solutions for patients with advanced heart failure, announced that it has entered into a $12 million term loan agreement with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies. The financing is in addition to the $32 million Series C round announced last July that included BioVentures Investors, SV Life Sciences (SVLS), Lumira Capital, Aperture Venture Partners, OSF Ventures, existing investors, and a corporate strategic investor.
The financing will support the clinical program of the Cordella™ Heart Failure System, which is comprised of a breakthrough wireless pulmonary artery (PA) sensor and cloud-based outpatient management system.
“This financing builds on our recent Series C round and we are thrilled to be working with the SVB team,” commented Harry Rowland, CEO, Endotronix. “We look forward to advancing our clinical program with proactive heart failure management that simplifies at-home care and improves patient outcomes.”
“We’re pleased to partner with Endotronix as they advance their end-to-end patient management solution for chronic heart failure,” said Tom Hertzberg, Director, Life Science and Healthcare, Silicon Valley Bank. “We believe the patient-centered Cordella System can help streamline care and improve outcomes while decreasing healthcare costs. We look forward to being a part of Endotronix’s future success.”