Early-stage MitrAssist whizzed by it’s hoped-for raise of $600,000, landing $1 million from angel and private investors in support of the company’s mitral valve implant.
MitrAssist, a spin-out of Tredline Group’s accelerator program, is developing what it calls a "valve-on-valve" approach to treat mitral regurgitation for patients too elderly or unstable for an invasive open-heart operation. The procedure places a mechanical valve on top of an ill-functioning mitral valve to re-establish proper blood flow.
Israel-based MitrAssist will use the new cash to fund animal studies, and said a patent is in the works, according to a company statement.
"We give hope to people who currently don’t have the opportunity of undergoing surgery because it’s too dangerous due to either their medical condition or age," said CEO Gil Naor in prepared remarks.