4C Medical Technologies said today that it raised a $17 million Series A round for the AltaValve transcatheter mitral valve replacement device it’s developing.
Brooklyn Park, Minn.-based 4C Medical, which drummed up a $9 million seed round in July 2017, said its latest private placement was led by an undisclosed “multi-national strategic investor” and included existing backers.
The AltaValve TMVR is designed to preserve the native mitral valve and left ventricle by using supra-annular, atrial-only fixation.
“The additional capital from our Series A financings significantly bolsters our ability to fund the next critical phases of our AltaValve development program, including a transition to the clinical phase of the company,” president & CEO Robert Thatcher said in prepared remarks.
“The native mitral annulus is asymmetrical and the geometry of the valve leaflets is irregular, causing major challenges for TMVR technologies in development today, which depend on the unpredictable anatomy for sizing and anchoring. Millions of patients suffer from MR and many are undertreated. Our mission is to develop a treatment option that overcomes these challenges. With the support of our investors, our team is dedicated to achieve this goal,” founder & chief medical officer Dr. Jeffrey Chambers said last year when the seed round was announced.