CardioMEMS, which is developing wireless medical devices to be used in treatment of heart ailments, is preparing to launch clinical trials and commercialization of its products with $14 million in the bank.

Investors led by Boston Millennia Partners wrapped up a B round of financing disclosed this week. Others participating in the round are Foundation Medical Partners, Guidant Corporation, Johnson and Johnson Development Corporation, Arboretum Ventures and others.

“This financing represents a significant milestone for CardioMEMS,” said David Stern, president and chief executive officer of the company, in a statement. “It will also allow us to accelerate our research and development efforts focused on next generation product designs and broaden our extensive portfolio of intellectual property.”

CardioMEMS was founded by Jay Yadav, MD, a cardiologist at the Cleveland Clinic Foundation, and Mark Allen, Ph.D, a professor of electrical and computer engineering at the Georgia Institute of Technology.

The company is using MEMS (microelectromechanical systems) technology to develop devices for diagnosis, treatment and management of chronic medical problems. Among its products is a wireless device that can be implanted as a sensor targeted at the abdominal aortic aneurysm and congestive heart failure markets.

As part of this investment, Robert Mashal, M.D. of Boston Millennia Partners and Lee Wrubel, M.D. of Foundation Medical Partners will join the board of directors of CardioMEMS.

“I am excited about the opportunity to become involved with CardioMEMS,” said Robert Mashal, MD, a partner at Boston Millennia Partners who joins the company’s board as part of the deal. “I believe they have the ideal combination of large market opportunities, proprietary technology, and proven management talent that are the hallmarks of successful start-up companies.”

Lee Wrubel, also an MD, joined the CardioMEMS board as well.