Shifamed portfolio company Adona Medical announced it raised $33.5 million in a Series C financing round to support its adjustable heart shunt technology. Cormorant Asset Management and TCP Health Ventures led the financing. Excelstar Ventures, the PA MedTech VC Fund II, Unorthodox Ventures, AMED Ventures and other new and existing investors participated.
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Los Gatos, California-based Adona plans to use the funds to further product development. It also expects to initiate clinical use of its adjustable interatrial shunt with integrated bi-atrial pressure monitoring.
The Adona device includes a shunt with a flow channel that offers an adaptable geometry capable of growing larger or minimizing at any time post-implant. This can help optimize shunting flow or dose for patient needs at the time of the initial procedure. It can then adjust as the patient’s condition evolves over time.
“Adona is committed to improving outcomes for patients with heart failure. We’ve developed multiple innovative technologies that we believe will elevate the impact that is achievable with device-based interventions,” said Brian Fahey, co-founder and CEO of Adona Medical. “The team has made tremendous progress in advancing our solution for heart failure management and we are grateful for the strong ongoing support from our investors as we take the next steps in our journey.”
