Shifamed portfolio company Adona Medical has raised $33.5m in a Series C financing round for supporting the next stage of product development and initiating clinical use of its interatrial shunt and remote monitoring solution for heart failure patients.

The financing round was spearheaded by Cormorant Asset Management and TCP Health Ventures.

It also saw participation from the PA MedTech VC Fund II, Excelestar Ventures, Unorthodox Ventures, and AMED Ventures, along with other new and existing investors.

Cormorant Asset Management founder and managing member Bihua Chen said: “Despite advancements in heart failure therapies, challenges remain that limit patient applicability and physician adoption with first-generation devices.

“We are pleased to lead this round as we believe Adona's technology has the potential to disrupt the field and benefit the millions of patients suffering from heart failure.”

The Adona adjustable interatrial device is equipped with a shunt, which features a flow channel with an adaptable geometry.

This allows the shunt to be adjusted in size post-implantation using an induction catheter.

Furthermore, the implantable device includes integrated sensors. These are designed to capture pressure readings from the left as well as right atria several times a day, without requiring any interaction with the patient.

The daily readings collected by the device can provide physicians with a comprehensive understanding of a patient’s haemodynamic status. This, in turn, can enhance shunt therapy by enabling more informed medical management decisions.

The Adona Medical platform for heart failure management is currently an investigational device. It has not received approval for use in the US or any other country.

Heart failure is a condition that progressively affects approximately 6.5 million patients in the US and as many as 26 million patients worldwide.