Correction, April 19, 2016: Due to a reporter’s error, this article originally stated that Direct Flow Medical raised a $31 million round, based on an amended regulatory filing. Direct Flow did not raise another $31 million; rather, a company spokesman said, the amended filing reflected the addition of new board members. We regret the error and any inconvenience it may have caused.
Direct Flow Medical said it raised nearly $31 million in a Series C funding round it hopes will eventually gross nearly $60 million said in a regulatory filing that it added members to its board of directors.
The company is developing transcatheter replacements for the aortic and mitral heart valves. Direct Flow’s transcatheter aortic valve implant won CE Mark approval in the European Union in January 2013; enrollment is under way in a 1,000-patient U.S. pivotal trial of the device.
In February, the company debuted its TMVR entry, saying it hopes to begin 1st-in-human studies by the end of this year.
In a regulatory filing this week, Direct Flow said it raised $30.98 million of a hoped-for $59.2 million, including a projected $22.1 million in warrant purchases, assuming their exercise at that amount.