CardioKinetix closes $23M tranche in $48M Series E round

February 28, 2013 by Brad Perriello

Medical device company CardioKinetix closed the 2nd, $23 million tranche of the $48 million Series E funding round for its Parachute ventricular partitioning device.

CardioKinetix Parachute

CardioKinetix said it's raised $48 million in its Series E round with the closure of a 2nd tranche worth $23 million and plans to use the proceeds to further its Parachute ventricular partitioning device, which is in a pivotal trial.

The Menlo Park, Calif.-based company touts the Parachute as the 1st device designed to partition healthy tissue from heart muscle damaged during a heart attack. The implant is inserted into the heart via a catheter threaded through the femoral artery. Once inside, it springs open and attaches to the walls of the heart to provide support for patients whose left ventricle was left enlarged after a heart attack.

The Parachute device won CE Mark approval in the European Union in October 2012.

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"This financing allows us to further advance our programs to bring Parachute therapy to heart failure patients around the world," president & CEO Maria Sainz said in prepared remarks.

New investor Panorama Capital joined existing investors U.S. Venture Partners, JPMorgan Partners, New Leaf Venture Partners, SV Life Sciences, H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL) in the Series E round.