Bulletin: Kardium raises $115M in new financing

Fidelity Management & Research Company LLC and T. Rowe Price funds lead private financing round

Vancouver-based Kardium Inc., developer of the Globe® Mapping and Ablation System for the treatment of atrial fibrillation, has raised US $115 million in a new financing round. The round is led by Fidelity Management & Research Company LLC., together with follow-on participation by funds and accounts advised by T. Rowe Price Associates, Inc.

The new financing will be used to accelerate commercial growth of the Globe System across Europe and to conduct a clinical study for US Food and Drug Administration (FDA) approval of the Globe System.

“We are tremendously excited to have Fidelity Management & Research Company join Kardium as a major investor, along with the T. Rowe Price funds,” said Kevin Chaplin, CEO of Kardium. “Their enthusiasm and support reflect the incredible success we have achieved with the Globe System and the potential we have to dramatically improve the treatment of atrial fibrillation for millions of patients worldwide. This financial backing now allows us to accelerate commercial sales in Europe and begin the FDA study for the Globe System.”

The news was earlier reported by The Globe & Mail, with reporter Sean Silcoff noting:

The Burnaby, B.C., company was co-founded in 2007 by Daniel Gelbart and Amos Michelson – the former chief technology officer and chief executive officer, respectively, of local printing-technology maker Creo Inc., which sold to Eastman Kodak in 2005 for US$980-million. The other co-founders were Dr. Sam Lichtenstein, head of University of British Columbia’s cardiac surgery division, and original Kardium CEO Doug Goertzen, now chief operating officer.

With the high pedigree of its founders and investors, Kardium hopes to become one of Canada’s few thriving, global and publicly traded medical-device makers.

The company has 190 employees and will reportedly hire 100s more to set a foundation for growth in Europe.