NeoChord Inc., which is developing innovative medical devices for the heart’s mitral valve, raised $1 million to tide it over before a larger fund-raise and European regulatory approval.
The Minnetonka, Minn.-based company is about one-third of the way through clinical trials in Europe testing its first device, which supplies artificial chordae tendineae — the thread-like tissues that anchor the leaflets of the mitral valve to heart muscle. Surgeons using NeoChord’s technology can implant the artificial chords with a probe-like device through a small incision in the chest.
CEO John Seaberg said the company will later this year raise $10 million, which will cover the approval of the CE Mark, the application and a pivotal trial.
The latest round was comprised of debt and options, according to a filing with the Securities & Exchange Commission.