Cardiac Dimensions said today that it raised a $39 million Series B round for the Carillon mitral valve repair device it’s developing.
Kirkland, Wash.-based Cardiac Dimensions said the round was led by a new Australian backer, Hostplus, and included a venture debt contribution from Oxford Finance. Existing investors M. H. Carnegie, Arboretum Ventures, Lumira Capital, LSP Health Economics Fund and Aperture Venture Partners also got in on the round, the company said.
The percutaneous Carillon annuloplasty device is designed to use a distal anchor and proximal anchor, connected by a shaping ribbon, to re-form the mitral annulus by bending the coronary sinus. Late last year the FDA granted an investigational device exemption for a 400-patient pivotal trial of the Carillon device.
Today the company said it plans to use the Series B proceeds to further its clinical program, including the pivotal study and publication of the results from its 120-patient Reduce FMR trial.
“Our clinical data and commercial experience suggest that the Carillon system offers a viable treatment option that addresses the underlying mechanical problem of FMR with a catheter-based alternative to medications and invasive surgery. This funding will provide the resources to complete and publish the landmark Reduce FMR trial, continue to support enrollment in the Carillon pivotal trial here in the U.S. and enhance our presence throughout world markets,” president & CEO Gregory Casciaro said in prepared remarks. “We welcome our newest investors to the team and are grateful to our returning investors for their continued support.”
“Hundreds of thousands of people around the world, and an estimated 50,000 Australians, have heart failure and FMR, and could benefit from treatment with the Carillon System,” added Hostplus CEO David Elia. “We are excited to work with Cardiac Dimensions to expand access to the Carillon system to patients in need, not only here in Australia, but across the globe.”