Transcatheter valve maker CardiAQ Valve Technologies raised $33.2 million, successfully closing an equity funding round launched late last month.
CardiAQ, a privately held device maker developing transcatheter mitral valve replacement technology, did not disclose the names of investors.
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,” CEO Rob 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, according to a press release.
“CardiAQ’s nonsurgical valve implantation approach is designed to become a disruptive technology with a much broader application," Michiels said in prepared remarks.
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