4C Medical Technologies announced that it completed an over-subscribed convertible note financing worth $10 million in gross proceeds.
Minneapolis-based 4C Medical Technologies said in a news release that an unnamed China-based venture firm led the financing round.
The company plans to use the net proceeds from the financing to fund the continued development of its AltaValve transcatheter mitral valve replacement (TMVR) device, along with a fully recapturable and retrievable transseptal delivery system that it expects to introduce in its ongoing early feasibility study.
“We believe the AltaValve transcatheter mitral valve replacement technology, with its unique design residing above the native mitral valve, has potential to be applicable to a broader patient population as compared to other TMVR devices,” 4C Medical CEO Robert Thatcher said in the release. “The addition of our newest China-based investor reflects 4C Medical’s commitment to bring AltaValve to the largest medical device markets in the world.”