Kardium Secures $250M Funding to Advance Pulsed Field Ablation Technology for Atrial Fibrillation Treatment

Kardium, a Canadian medical device company, has raised $250 million in a new funding round to support the launch of its Globe system, a pulsed field ablation (PFA) treatment for atrial fibrillation (AFib). This significant investment comes as the company prepares for regulatory approvals and commercial expansion in a rapidly evolving market for AFib treatments.

Globe System: A Novel Approach to AFib Treatment

The Globe system, Kardium's flagship product, is a spherical, single-shot catheter designed to treat AFib more efficiently and safely than traditional ablation methods. The device expands to about three centimeters in diameter within the heart and features 122 individually controllable gold electrodes. These electrodes enable the system to record electrograms, map heart pulses, measure tissue contact, and deliver ablation therapy.

Recent clinical data from the Pulsar trial, presented at the Heart Rhythm Society meeting in April, demonstrated promising results for the Globe system. The study reported a 78% effectiveness rate in patients with intermittent AFib after 12 months, with no device-related primary safety events. Notably, the Globe catheter achieved a 100% procedure success rate and required an average of just 25 minutes to isolate all of the heart's pulmonary veins, a key step in AFib treatment.

Funding and Commercial Expansion

The latest $250 million funding round, which follows a $104 million round in June 2024, attracted a diverse group of investors. New backers include Janus Henderson Investors, Qatar Investment Authority, MMCAP, Piper Heartland Healthcare Capital, Eventide Asset Management, and Eckuity Capital. Returning investors such as T. Rowe Price and Durable Capital Partners also participated, along with an unnamed strategic investor.

Kevin Chaplin, CEO of Kardium, stated, "This funding enables us to move ahead with the commercial launch of the Globe System by expanding our manufacturing capabilities and building a strong commercial team." The company plans to use the funds to pursue regulatory approvals, enhance production capacity, establish clinical support, and conduct further research on additional applications for the technology.

Competitive Landscape in PFA Technology

Kardium is entering a competitive market for PFA devices, with established players like Boston Scientific and Medtronic already experiencing strong demand for their products. Johnson & Johnson has also joined the race, while Abbott anticipates approval for its PFA system next year.

The rapid adoption of PFA technology is driven by its reduced risk of injury compared to traditional cardiac ablation methods. PFA has been shown to minimize the risk of damage to nearby structures such as the esophagus or phrenic nerve during the ablation procedure, making it an attractive option for both physicians and patients.

As Kardium prepares for the anticipated launch of the Globe system later this year, the company is poised to make a significant impact in the treatment of atrial fibrillation, potentially improving outcomes for millions of patients worldwide suffering from this common heart rhythm disorder.