CardiAQ Valve Technologies said it’s closed a $37.3 million equity round led by OrbiMed Advisors and plans to use the cash to fund feasibility and CE Mark clinical trials for its transcatheter mitral valve implant.
"The dynamic nature of the mitral anatomy, combined with the challenges of percutaneous access, make true transcatheter mitral valve implantation 1 of the most technically demanding device development endeavors of my career," CEO Rob Michiels said in prepared remarks.
The Irvine, Calif.-based medical device company originally disclosed $32.5 million of the round in early November.
Other investors in the round included Versant Ventures, Advent Life Sciences and existing backers, according to a press release. The round also includes conversion of a 2011 bridge financing. OrbiMed’s Dr. David Bonita and Vince Burgess joined CardiAQ Valve’s board as part of the deal.
"We have made significant progress in the development of our core technologies as well as in our clinical program," founder, chairman & chief medical officer Dr. Arshad Quadr added. "This additional capital from very substantial venture funds will enable us to continue our strategy of leadership in the development of transcatheter mitral valve implantation systems."
Earlier this year the Irvine, Calif.-based company notched an important milestone with the 1st-in-human use of its non-surgical percutaneous mitral heart valve prosthetic, which took place at the The Heart Centre in Copenhagen, Denmark.
"Our TMVI system is designed to make nonsurgical mitral heart valve replacement a future alternative to open-heart surgical replacement and repair," Michiels said at that time. "CardiAQ is currently the only transcatheter-transvessel implantation approach to treating MR. While several companies have been trying to perfect a percutaneous approach to repair the mitral valve, we believe that such technologies will have a very difficult time demonstrating sufficient efficacy in treating such a heterogeneous disease."
The CardiAQ valve is not a mitral valve repair technique, but is designed specifically for replacement or implantation, Michiels added. The company views replacement as the best means of eliminating regurgitation while offering a simple procedure and offering the widest applicability across patients and disease variation.
"CardiAQ’s nonsurgical valve implantation approach is designed to become a disruptive technology with a much broader application," Michiels said in prepared remarks.