Newly formed Shifamed portfolio company Tioga Medical said today that it closed a $15 million Series A preferred stock financing round to support its transcatheter mitral and tricuspid valve replacement technology.
The Campbell, Calif.-based company said that it is developing novel transcatheter valve replacement technology intended to be simpler and less invasive than current mitral and tricuspid valve replacement approaches.
Tioga Medical will initially focus on technology for mitral valve replacement, stating that there is a “significant clinical need for less invasive, transcatheter approaches for mitral valve replacement.”
“We are extremely pleased to close this round of financing with such strong support from our investors. This round allows us to build out a world class team and dramatically accelerate the progress of our novel mitral valve and delivery system before we leverage the technology for the tricuspid application,” prez & CEO Mike Dineen said in a prepared statement.
The Series A round was led by The Capital Partnership and joined by Cormorant Healthcare Fund, AMED Ventures and Shangby Capital. Tioga Medical said that funds from the round will be used to advance its pre-clinical and clinical development programs.
“The proprietary Tioga technology represents a truly innovative solution to a difficult clinical problem in the structural heart space. TCP is excited to partner with a team with a strong track record of innovative medtech solutions. We believe this combination positions Tioga as an important, up-and-coming player in the mitral and tricuspid valve markets,” TCP private investments head Casey Gordon said in a press release.
Money in the round came from 23 unnamed sources, with the first date of sale noted as having occurred on March 12, according to a recently posted SEC filing.