MIG Capital AG, a new investor and one of Germany’s leading venture capital firms, provided the funding extension.
The German cardiology tech company said the new funding enables the acceleration of the clinical development of its valve repair device. It plans to use funds to complete the first-in-human study of transseptal implantation of its ChordArt system. The company also wants to build upon its medical advisory and international clinical community to prepare for a global clinical program expansion.
ChordArt — designed to treat mitral regurgitation (MR) — replaces damaged mitral valve chords in a minimally invasive procedure. CoreMedic designed this method to reduce patient trauma and procedure time and complexity. It could also shorten recovery time and expand treatment options for those ineligible for conventional surgery.
“We are thrilled to announce the expansion of our investor syndicate with the addition of MIG Capital, which has deep domain investment experience in building companies from seed to expansion across market sectors,” said Josef Bogensch, CEO of CoreMedic. “We welcome Matthias Guth to our esteemed board. This is a significant milestone in the further development of our company and will support us in achieving our goals.”
TMVR as a space continues to heat up. Edwards made a major TMVR play last summer with the $300 million acquisition of Innovalve. The Abbott MitraClip TMVR system currently leads the market. However, a number of companies, including 4C Medical, InnovHeart and more are vying for a share.
