The problem of finite-dimensional compensator design for the monodomain equations with the FitzHugh−Nagumo model is investigated. Exponential stabilizability and detectability of the linearized infinite-dimensional control system is studied. It is shown that the system is not exactly null-controllable but still can be exponentially stabilized by finite-rank input and output operators provided the desired stability margin is small enough. Based on existing results on model order reduction of infinite-dimensional systems, a finite-dimensional compensator is obtained by LQG-balanced truncation. Using partial measurements, the compensator produces a feedback control that is shown to be locally stabilizing for the infinite-dimensional nonlinear control system. Examples motivated by cardiophysiology are used to illustrate these results in a numerical setup.