Cortex Innovation District based medical device start-up Cardialen raises $1.5 million from investors

Friday, March 27, 2015

Medical device startup Cardialen raises $1.5 million from investors

Cardialen, a medical device company based out of the BioGenerator in the Cortex innovation district, has raised $1.52 million from a group of investors.

The investor group includes the BioGenerator, Cultivation Capital Life Sciences fund, St. Louis Arch Angels, Twin Cities Angels, BELLE Capital, Heartland Angels, Lambda Fund Management and other private investors.

The round is still open, so more could be raised. Because the round is still in progress, Cultivation Capital, which is likely to be leading the round, declined to comment.

Cardialen has developed treatment for irregular heartbeats that is designed to keep the heart in a normal rhythm in the long term, slowing the progression of atrial fibrillation (AF), a common type of cardiac arrhythmia.

The company, led by Executive Chair and CEO Paula Skjefte, has now raised nearly $9 million to date from investors or through grants.

The latest financing will help support Cardialen’s human clinical studies. The startup, located in the CIC@CET building, at 4041 Forest Park Ave., began its first human clinical trials for its heart therapy device in May 2014.

“There is a great need for a new treatment for AF and we believe our solution will reduce symptoms, hospitalizations and healthcare costs for these patients,” Skjefte said in a statement released by the BioGenerator. “This round of investment from BioGenerator and our other investors will allow us to continue our work and move closer to providing a viable, long term solution for the treatment of AF.”