REDWOOD CITY —HeartFlow, a company developing products to battle heart disease, has closed a Series E financing with $240 million.
The company plans to use the proceeds to ramp up commercial expansion of the HeartFlow FFRct Analysis, continued technology innovation and additional clinical studies. The HeartFlow Analysis is a non-invasive technology that creates a personalized 3D model of the heart to help clinicians diagnose and treat patients with suspected heart disease. The financing includes investments from Wellington Management, Baillie Gifford & Company and existing investors.
“We are incredibly pleased to have Wellington Management Company LLP and Baillie Gifford & Company as anchor investors. This financing will enable us to drive commercial success of the HeartFlow Analysis, which is poised to become the global standard of care in the diagnosis of coronary artery disease,” said John H. Stevens, M.D., president and chief executive officer of HeartFlow. “Given our recent momentum with clinicians, the Centers for Medicare & Medicaid Services, commercial payers and strategic collaborators, we are well positioned for growth.”
HeartFlow has made significant progress in developing and commercializing its pioneering non-invasive technology. The HeartFlow Analysis has been used by clinicians at more than 80 medical institutions around the globe. In the United States, several commercial payers issued positive coverage decisions and the Centers for Medicare & Medicaid Services (CMS) assigned a New Technology APC payment for the HeartFlow Analysis. Additionally, the National Institute for Health and Care Excellence (NICE) in the U.K. issued a positive guidance recommendation for the use of the HeartFlow Analysis.
“We are delighted to be investing in HeartFlow on behalf of our clients,” said Peter Singlehurst, investment manager at Baillie Gifford & Company. “Heart disease is the leading cause of death globally, in part owing to the difficulties around diagnosis. The HeartFlow Analysis improves patient experience and outcomes, whilst also reducing costs for overstretched healthcare systems — a dual objective that many healthcare companies strive for but few achieve. The underlying technology developed by HeartFlow also has the potential for broader applications for heart disease and other conditions. The capital raised here will enable HeartFlow to push forward with commercialization and invest for long-term success by continuing to advance the ways in which it can help patients and physicians.”
Coronary artery disease (CAD) affects 400 million people globally, and develops when the coronary arteries narrow, reducing blood flow to the heart and causing chest pain (angina), heart attack (myocardial infarction) and death. The HeartFlow Analysis is the first and only commercially available non-invasive technology to provide insight into both the extent of CAD and the impact of the disease on blood flow to the heart.