Canadian company Kardium has raised C$340m ($250m) to support the launch of its Globe pulsed field (PF) system for treating atrial fibrillation (AFib).
The latest fund raise brings the company鈥檚 total capital to $425m and was led by new investors, including Janus Henderson Investors and Eckuity Capital. Existing investors such as T Rowe Price Investment Management and Durable Capital Partners also participated.
Kardium said the funds will support the pursuit of regulatory approval for the Globe system and help to expand its manufacturing facilities and production capacity. The company also aims to establish a clinical support and commercial team ahead of an anticipated launch later this year.
The Globe PF System comes in the form of a 122-electrode catheter to map the heart鈥檚 electrical activity and deliver pulsed energy to the heart to treat AFib.
Kardium CEO Kevin Chaplin said: 鈥淭his 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.鈥�
PFA is a treatment wherein targeted pulsed electric field energy is used to disrupt and destroy cardiac tissue that causes AFib while keeping nearby structures intact. Research indicates that AFib, which can increase the risk of stroke and potentially lead to heart failure due to the formation of blood clots in the atria, could affect
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By GlobalDataIn April, Kardium revealed positive one-year efficacy results for the Globe PF System at the Heart Rhythm Society (HRS) annual meeting in San Diego.
The company鈥檚 single-arm PULSAR study (NCT05462145) enrolled 183 patients with AFib across sites in the US, Canada, and Europe.
Operated under an investigational device exemption (IDE) from the US Food and Drug Administration (FDA), Globe achieved primary effectiveness of 78% over the 12 months, 100% acute procedural success, an average pulmonary vein isolation time of 25 minutes, and an average of 1.2 PFA applications per vein. No device-related primary safety events were reported.
The PFA field is rapidly advancing. According to GlobalData analysis, the market’s revenue exceeded $500m last year, with the FDA鈥檚 approval of Boston Scientific鈥檚 Farapulse PFA system in January 2024, which followed the agency鈥檚 approval of Medtronic鈥檚 PulseSelect PFA system in December 2023.
Boston Scientific and Medtronic鈥檚 devices became the first PFA systems for treating AFib to be approved by the FDA. Other companies involved in the field include Pulse Biosciences, which launched a first-in-human study of its CellFX nanosecond PFA (nsPFA) technology last year and plans to initiate a pivotal trial of the system this year.
