CorVista Health Completes $65 Million Series C Equity Raise Bringing Total Funding to Nearly $100 Million
Funding to Fuel Development and Commercialization Efforts for Non-Invasive Diagnostic System to Assess for Heart Disease
March 04, 2021 08:00 AM Eastern Standard Time
TORONTO--(BUSINESS WIRE)--CorVista Health, Inc., a digital health company dedicated to improving cardiovascular disease diagnosis, today announced it has closed a $65 million Series C equity financing. This latest financing round brings the total cash raised to nearly $100 million. This significant capital infusion provides a runway for ongoing research, development and commercialization efforts for CorVista® System, the company’s non-invasive, point-of-care solution that allows physicians to rapidly test for heart disease.
“There has never been a more critical need for point-of-care diagnostic modalities that provide rapid testing for cardiac patients,” said Don Crawford, Chief Executive Officer. “We believe the CorVista System has the potential to transform healthcare and improve the patient experience. This latest round of funding has put us in a position to offer assistance with the current healthcare crisis by providing physicians a non-invasive solution for the diagnosis of heart disease.”
Ambix Life Science Fund I, L.P. led the financing, joined by MedVenture Partners, Inc. as well as several new and previous investors. With the investment proceeds, CorVista Health will accelerate product development for the CorVista System and scale its infrastructure ahead of commercialization. Additionally, ongoing clinical research is being accelerated for the CorVista System to assess for coronary artery disease as well as elevated left ventricular end diastolic pressure and elevated mean pulmonary artery pressure, hallmarks of heart failure and pulmonary hypertension, respectively.
“We believe the CorVista System has the potential to reduce the burden on both patients and the healthcare system,” said Peter Townshend, Managing Member of Ambix Venture Management, LLC. “CorVista Health has the potential to advance the way heart disease is diagnosed and managed. We’re fortunate to be able to support their mission to bring these solutions to the cardiovascular community.”
About CorVista® System
CorVista System is a non-invasive point-of-care solution that is intended to synchronously collect and apply machine learning to a patient’s cardiac and hemodynamic signals to predict the likelihood of cardiovascular diseases without the use of radiation, contrast agents, injections, fasting or exercise. Within minutes of the test, the CorVista® Analysis is available in a secure web portal to aid physicians in rapidly diagnosing and treating patients with suspected cardiovascular disease, answering important clinical questions to guide better treatment decisions. CorVista System is an investigational device limited by federal law to investigational use. CorVista System is not available for commercial distribution.
About CorVista® Health
CorVista Health is a subsidiary of Toronto-based Analytics For Life Inc. CorVista Health is applying machine learning using real world test data to develop a novel cardiac diagnostic platform, CorVista® System, with the aim of transforming cardiovascular care and the patient experience. For more information, visit www.corvista.com.
About the Financing
This financing was supported by: TM Capital Corp., CorVista’s financial advisor, Carle Mackie Power & Ross, LLP and Kelly Santini LLP, CorVista’s legal counsel in the US and Canada, respectively.
Contacts
CorVista Health
Chris Bing Ernst
(415) 710-9445
media@corvista.com
W2Opure
Rachel Girard
(401) 477-4030
rgirard@w2ogroup.com
