NeoChord said yesterday it closed a $25 million Series D equity financing round to help support its mitral valve repair system intended to treat mitral valve regurgitation.
The round was led by U.S. Venture Partners, co-led by Deerfield Management and joined by Baird Capital, St. Louis Park, Minn.-based NeoChord said.
“NeoChord has established strong, clinical credibility with its current platform and has entrenched beating heart chordal repair as an important treatment option for the mitral toolbox. We are confident in the team’s ability to leverage their robust commercial experience in chordal repair with the current device while driving the development of their two transcatheter repair programs. We look forward to the collaboration with NeoChord to further advance treatment options for patients suffering from mitral valve regurgitation,” U.S. Venture Partners’ Casey Tansey said in a prepared statement.
As part of the funding round, Tansey will join NeoChord’s board of directors, the company said.
Proceeds from the funding round will be used accelerate development of the company’s transcatheter chordal repair and edge to edge programs, NeoChord said. The chordal repair system is used in a minimally invasive, echo-guided treatment for patients with mitral valve regurgitation.
“We are pleased to close the Series D financing to resource the acceleration of the on-going development of our transcatheter edge-to-edge and chordal repair programs. As the leader in chordal repair, we will continue our strong commercial presence internationally, while fast-tracking the development of our catheter-based programs. We look forward to partnering with U.S. Venture Partners as we execute our core R&D and commercial strategies,” prez & CEO David Chung said in a press release.