Ares Capital Closes Venture Finance Deal With Respicardia
Ares Capital announced that it closed its first venture finance transaction with Respicardia, an early stage company developing a medical device targeted to improve respiratory and cardiovascular health by treating central sleep apnea.
Ares Capital served as lead agent in a $6 million senior secured credit facility to provide working capital for Respicardia’s completion of its pilot study.
Respicardia is backed by five experienced life sciences-focused venture capital firms: Three Arch Partners, Versant Ventures, Polaris Ventures Partners, Accuitive Medical Ventures and Affinity Capital Management.
Respicardia is in the clinical trial phase of the development of a fully implantable stimulation device that is designed to restore a more natural breathing pattern during sleep in patients with central sleep apnea, a widespread sleep disorder characterized by a lack of respiratory effort by the diaphragm and associated with a higher rate of ventricular arrhythmias.
Minneapolis, MN-based Respicardia is dedicated to improving the lives of heart failure patients by developing implantable therapies designed to improve respiratory rhythm management and cardiovascular health.