CardiaLen receives second round financing

Cardiac arrhythmia start-up advances novel low-energy cardioversion therapy: reports successful first studies

CardiaLen, Inc is pleased to advise that on September 2, 2010, it completed an initial close of its second private equity financing.  St. Louis Arch Angels and BioGenerator, key investors from the company’s first financing in July 2009, were joined in this round by a number of new angel investors.  CardiaLen expects this financing will enable it to complete its current preclinical animal studies in atrial fibrillation.  It expects to raise additional financing in the fall enabling the completion of third-party preclinical animal studies in atrial and ventricular fibrillation. It also anticipates a Phase 1 SBIR grant in late 2010 for preparatory work in connection with first-in-humans trials planned for 2011.

Milestones supporting the current financing round included successful completion of initial acute animal studies in atrial fibrillation utilizing low-energy cardioversion technology and the filing of further patent claims arising from these trials.  The company expects that study findings will be presented by researchers from Washington University Biomedical Engineering School at the American Heart Association Scientific Sessions in Chicago, IL, November, 2010.

CardiaLen holds rights to its low-energy cardioversion technology under an exclusive global joint license from Washington University in St. Louis and Case Western Reserve University to develop and commercialize certain intellectual property developed by Igor Efimov, Ph.D.  This technology has the potential to provide pain-free cardioversion-defibrillation therapy for both atrial and ventricular arrhythmias, conditions where major unmet needs exist.  CardiaLen will focus primarily on atrial fibrillation, a serious and growing condition worldwide, and secondarily on ventricular fibrillation.  It will work in strategic alliances with industry partners, as appropriate.  Pain-free cardioverter-defibrillators will offer significant patient benefits but will require extensive preclinical testing, clinical trials and regulatory approval prior to sale.

The company also advises that Robert J. Calcaterra D.Sc., a CardiaLen Board member and investor, has taken over as interim CEO, effective August 1, 2010.  The company thanks Graeme Thomas, its initial President and CEO, for leading it from formation to its most recent milestone achievements and wishes him well as he moves to his next early-stage venture commitment.

CardiaLen is jointly located in St. Louis, MO, where it maintains its headquarters and clinical affairs office, and Minneapolis-St. Paul, MN, where it conducts contract product development.

For more information, visit: www.cardialen.com.

Cardialen, Inc.

4041 Forest Park Avenue, St. Louis, Missouri  63108