Axon Therapies, a pioneering company in the medical device field, has announced the closure of an oversubscribed $32 million Series A funding round, focused on developing innovative treatments for heart failure. This funding round was co-led by two prominent new investors, Earlybird Venture Capital and Santé Ventures, and saw contributions from existing investor Deerfield Management, as well as fresh investments from CD Capital and KOFA Healthcare.
The financial support will significantly enhance Axon’s efforts in advancing its clinical development strategies, particularly through two critical, double-blinded, randomized feasibility studies that aim to address heart failure—a debilitating condition affecting millions of individuals worldwide and currently presenting limited treatment options. The first study is designed to confirm the effectiveness and safety of Axon’s innovative splanchnic ablation therapy specifically designed for patients diagnosed with Heart Failure with Preserved Ejection Fraction (HFpEF). The second study will investigate the application of splanchnic ablation therapy in patients with Heart Failure with Reduced Ejection Fraction (HFrEF) across multiple clinical centers, enabling a broader assessment of its efficacy.
In addition to the financing news, Axon Therapies has announced a key leadership change; Zoar Engelman, PhD, one of the company’s co-founders and the former Chief Scientific Officer, has been appointed as the new Chief Executive Officer. This transition marks a pivotal moment for the company as it seeks to enhance its strategic direction and capitalize on emerging opportunities in the medical device landscape.
Axon’s proprietary method, referred to as Splanchnic Ablation for Volume Management (SAVM), targets the overactivity present in the sympathetic nervous system. This critical factor exacerbates heart failure symptoms and progression. The company’s Satera Ablation System is a catheter-based, implant-free procedure that shows promise in slowing the progression of heart failure and improving the overall quality of life for patients affected by the condition. To further its reach and operational capabilities in Europe, Axon Therapies has established a new headquarters, Axon Vascular Europe Ltd., in the United Kingdom, positioning itself strategically to support its international growth and development goals.
KEY QUOTES:
“Heart failure is one of the leading causes of hospitalization and death worldwide, yet patients still face a lack of effective treatment options. Our implant-free, minimally invasive therapy is designed to address a core physiological driver of the disease. This funding positions us to advance to pivotal trials and bring hope to patients who urgently need new solutions.”
“The opening of our new European headquarters in the UK provides a focused hub to accelerate our clinical trial efforts and strategically positions us for future entry into the large European heart failure market.”
Dr. Engelman, CEO of Axon Therapies
“Our investment in Axon Therapies was driven by a clear vision to address a large unmet clinical need and improve the lives of patients with heart failure. With Dr. Engelman’s leadership and the team’s groundbreaking technology, we are excited to support Axon as they advance solutions that can make a real difference for patients and their families.”
Dr. John Yianni, Partner at Earlybird Venture Capital
“Axon’s technology represents a first-in-class solution poised to capture a multi-billion-dollar market, making it a highly attractive asset for any major cardiovascular player. These randomized feasibility studies are designed to significantly de-risk the therapy and establish a strong foundation ahead of a pivotal trial, creating what we believe will be a cornerstone technology for the right strategic partner.”
Dr. James Eadie, Managing Director and Partner at Santé Ventures
