The cardiac device company said that Edwards will have the right to purchase CardioKinetix if it reaches certain regulatory milestones. CardioKinetix is currently pursuing U.S. regulatory approval for its Parachute ventricular partitioning device, a treatment for heart failure.
The agreement was announced in conjunction with a $50 million financing round led by Edwards. Several of CardioKinetix’s existing investors also participated, including U.S. Venture Partners, Tekla Healthcare Investors (NYSE:HQH), Tekla Life Sciences Investors (NYSE:HQL), SV Life Sciences, Panorama Capital, New Leaf Venture Partners and Lexington Private Equity, according to a press release.
CardioKinetix plans to use the cash to fund a pivotal study currently under way in the U.S. The company is also eyeing international market opportunities for the product.
“We are very proud of our accomplishments to date, with more than 300 patients treated, 4 clinical trials completed and 23 publications on the Parachute therapy,” CEO Maria Sainz said in prepared remarks. “We are pleased to have the support of Edwards Lifesciences and our premier investor syndicate as we further our efforts to complete the Parachute IV trial and bring the Parachute therapy to patients around the world.”