September 8, 2020
Adona Medical, a Shifamed portfolio company, announced today the closing of a $22M Series A financing, which will be used to advance product development, support pre-clinical testing, and expand the team as the company furthers its next-generation heart failure management platform.
Adona Medical notes the financing was led by Cormorant Asset Management, with participation from Excelestar Ventures, AMED Ventures, and select angel investors, and included previous debt investments that converted to preferred shares.
“Existing pharmaceutical and device-based approaches often fail to sufficiently address the complex challenges presented when managing heart failure patients,” stated Bihua Chen, Founder and Managing Member of Cormorant Asset Management. “We are excited to lead this round and believe Adona Medical’s innovative technology has the potential to elevate the standard of care for these patients.”
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 There are limited treatment options available, and many patients are poorly managed with guideline-directed pharmaceutical approaches. These patients generally suffer from impaired functional independence, poor quality of life, and may experience frequent heart failure associated hospitalizations.2
“Adona’s platform will overcome the shortcomings of existing treatment options and enable providers to improve care for heart failure patients,” commented Brian Fahey, CEO of Adona Medical. “We are extremely pleased to close this round of financing with strong support from our investors, emphasizing the clear unmet need in this space. We look forward to expanding our world-class team as we drive towards our next development milestones.”