Mitralign said today that it raised a Series E round worth nearly $40 million for a pair of heart valve repair devices, its namesake Mitralign annuloplasty system and the Trialign device for tricuspid repair.
The Tewksbury, Mass.-based company said it plans to use some of the proceeds to pursue regulatory nods for the Trialign device in the U.S. and Europe. Some will also go toward getting the Mitralign device onto the European market, after CE Mark approval there in February, Mitralign said.
“The funding reinforces the importance of developing distinctly new tricuspid treatment options and it validates our transcatheter valve repair platform strategy. The capital will be used to accelerate clinical trials both in the U.S. and in Europe for the Trialign system and support our leadership in the tricuspid space,” CEO Rick Geoffrion said in prepared remarks. “We look forward to the approaching completion of the Scout early feasibility trial in the U.S. and the initiation of the Scout II Study to support the CE Mark in Europe as we expand our tricuspid clinical data set.”
The Mitralign and Trialign devices, delivered via catheter, are designed to use anchors to help restore the valves to their natural shape. The company said that its customizable technology has a small footprint that keeps all clinical options on the table for any future interventions.
Mitralign did not name the backers that participated in the Series E round.