Illustration: Aïda Amer/Axios
Element Science, a San Francisco-based developer of wearable cardioverter defibrillators, raised $146 million in Series C funding co-led by Deerfield Healthcare and Qiming Venture Partners US.
Why it matters: The U.S. mortality rate from cardiovascular disease has stalled out, after decades of rapid descent. There had been a widespread expectation that cancer would overtake cardio in 2020 as America's top killer, but that's begun to look less likely.
- Other investors include Cormorant Asset Management, Invus Opportunities, Third Rock Ventures, and GV.
The bottom line: Element Sciences' "personal defibrillator is designed to detect and correct life-threatening arrhythmias in patients with an elevated, temporary risk, such as following treatment for heart failure or due to other conditions. The company estimates that more than 500,000 patients in the U.S. fit into this category on an annual basis, while sudden cardiac death kills about 325,000 people per year," writes FierceBiotech's Conor Hale.
Go deeper: Health care IPOs had a very good 2019