Heart-focused medtech developer Ancora Heart said today it raised $17.8 million in a new financing round to support its AccuCinch ventricular repair system designed for treating heart failure and functional mitral regurgitation.
The funding round was led by Savitr Capital and other existing investors, the Santa Clara, Calif.-based company said. The company added that the financing round is not yet closed, and that it hopes to raise a total of $30 million in the round.
Ancora Health is developing the AccuCinch ventricular repair system, an investigative device designed for the minimally invasive treatment of heart failure and functional mitral regurgitation. The system is designed to reduce the size of the left ventricle to improve left ventricular function and reduce the symptoms of heart failure, the company said.
“Effectively treating heart failure and FMR is incredibly challenging today, and there are enormous unmet needs for these patients. This funding represents an important milestone that will advance the AccuCinch system as an alternative option that addresses the shortcomings of current heart failure and FMR treatments. We have been encouraged by early clinical results and engagement from leading heart centers participating in studies of the AccuCinch system and look forward to continuing to work with them to better understand the potential benefits of our innovative technology,” prez & CEO Jeff Closs said in a press release.
Funds from the round will help support clinical trials exploring the safety and efficacy of the AccuCinch and product development.