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Cardiac Dimensions closes $20M equity round

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Cardiac Dimensions closes $20M equity round

Cardiac Dimensions said it raised $20 million from a syndicate of international investors for its Carillon mitral valve implant.

M.H. Carnegie & Co. and Lumira Capital led the round for Kirkland, Wash.-based Cardiac Dimensions, according to a press release. Investors in Australia, the U.S. and Canada also participated, the company said.

"This financing represents a significant leap forward for Cardiac Dimensions," CEO Rick Stewart said in prepared remarks. "Our financial partners have great confidence in the Carillon system’s ability to address the substantially underserved [functional mitral regurgitation] patient population, based on our completion of 3 successful multi-center studies with excellent long-term results, and the positive feedback we have received in our early commercial experience."

The proceeds will go toward expanding the global commercial footprint for the Carillon device and "support our goal to rapidly expand our commercial, R&D and clinical activities," Stewart said.

Cardiac Dimensions also plans to use the funds for its new Reduce-FMR trial, he said. That study, a multi-national, blinded, randomized clinical trial, aims to "firmly establish Carillon as the gold-standard therapy in the treatment of functional mitral regurgitation," according to a press release.

"In conjunction with the close of the financing, Cardiac Dimensions is broadening its operations in Germany and opening a new facility in Australia, providing the company with direct access to several markets within the Asia Pacific region and expanded R&D capabilities," according to the release.

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