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Adona Medical, A Shifamed Portfolio Company, Closes $2.5M In Seed Financing

December 3, 2019 GMT

CAMPBELL, Calif., Dec. 3, 2019 /PRNewswire/ -- Adona Medical, a newly formed Shifamed portfolio company, announced today the closing of its seed financing round, raising a total of $2.5M. The financing, raised exclusively from select Shifamed accredited Angel Investors, will be used to advance product development and expand the company’s intellectual property portfolio. Additionally, Shifamed announced the appointment of experienced medical device executive, Brian Fahey, as Adona Medical’s Chief Executive Officer.

Heart failure is a progressive condition that impacts approximately 6.5 million patients in the United States and as many as 26 million patients globally.1 There are limited treatment options available, and many patients are poorly managed with guideline-directed pharmaceutical approaches. These patients generally suffer from impaired functional independence and poor quality of life, and may experience frequent heart failure associated hospitalizations.2

“Managing heart failure is complex. I observed firsthand the impact that this disease had on my grandfather’s daily life and his frustration with the limited treatment options available,” said Brian Fahey, CEO of Adona Medical. “We are excited to develop advanced interventional approaches that will give physicians and patients improved options to manage heart failure.”

Brian Fahey joins Adona Medical with over 15 years of medtech leadership and product development experience. He previously served as the CEO of Niveus Medical, a medical technology company offering novel rehabilitation solutions to accelerate patient recovery following prolonged ICU stay. The Niveus interventions helped thousands of patients prior to being acquired by Stryker in 2017. Throughout his career, Fahey has served in various business development and strategic innovation roles.

“We are thrilled to have Brian lead Adona Medical. His executive and medical device experience makes him an ideal fit for the company at this time,” said Amr Salahieh, Founder of Shifamed and Chairman of Adona Medical. “Closing this significant early round of financing speaks to the clear need for advanced interventional approaches that improve the standard of care for heart failure management. This round of financing gives Brian and the team the resources needed to accelerate product development.”

About Adona Medical, Inc.
Adona Medical, a privately held portfolio company of Shifamed LLC, is innovating interventional approaches for heart failure, a complex and progressive condition impacting approximately 6.5 million patients in the US alone1.

About Shifamed, LLC.
Founded by serial entrepreneur Amr Salahieh, Shifamed LLC is a highly specialized medical innovation hub focused on developing solutions that accelerate time to market, reduce risk, increase impact, and forge a path toward a world where patients are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.

MEDIA CONTACT:
Katie Arnold
SPRIG Consulting LLC
+1 (408) 805-0520
katie@sprigconsulting.com

1Benjamin et al. Circulation 2018.
2Jackson et al. Circ Heart Fail 2018.

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SOURCE Adona Medical