Mitralign wins $5 million credit line from GE Capital

July 19, 2010 by MassDevice staff

GE Capital's Healthcare Financial Services division gave Mitralign Inc. a $5 million line of credit.

Mitralign is developing a catheter-based mitral valve repair device.

The Tewksbury, Mass.-based firm plans to use the loan as working capital, according to a press release.

Mitralign is developing a device to treat mitral valve regurgitation in patients with congestive heart failure, according to its website. Its backers include Accelerated Technologies, Triathlon Medical Ventures, Forbion Capital Partners, Oxford Bioscience Partners, Oakwood Medical, Palisades Capital and Giza Venture Capital.

In 2007, the company closed a $24 million Series C financing round co-led by Medtronic (NYSE:MDT) and Johnson and Johnson (NYSE:JNJ) Development Corp. The first implantation of its percutaneous annuloplasty system occurred the next year, which also saw the launch of a European pilot study.

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