Local Tech Wire

ATLANTA – medical device firm has raised some $38 million in new funding.

The Atlanta-based company plans to use the money for clinical trials of its wireless sensing device designed to detect heart failure, according to VentureWire.

CardioMEMS has raised well over $100 million from a variety of investors, including Arcapita Ventures, Medtronic and Foundation Medical Partners.

The firm’s technology focuses on wireless pressure sensors.

CardioMEMS Inc. said it has raised a $37.5 million funding round to complete a clinical trial for its wireless sensing device for heart failure….

CardioMems had disclosed plans to go public in January 2007 but the company withdrew the IPO that summer. It had planned to raise $87 million in the offering.

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