Neochord said it raised $12.6 million in debt of a hoped-for $20 million funding round to support its DS1000 minimally invasive mitral valve repair system.
The Neochord device is designed to allow the implantation of artificial chordae tendinae, thread-like connectors that anchor leaflets of the mitral valve to heart muscle, the Minnesota-based medical device company said. Doctors can use the device to repair mitral valve prolapse via a transapical, off-pump procedure.
The money came from 16 unnamed investors, according to an SEC filing.
Last year, Neochord replaced president & CEO John Seaberg with David Chung, an Edwards Lifesciences (NYSE:EW) veteran.
Neochord won CE Mark approval in the European Union for the device in late 2012, but has not yet won FDA clearance of the device. The company reports that more than 100 patients across Europe have been treated with the device.
