Structural heart disease device maker 4C Medical said today it completed a private placement of unsecured convertible promissory notes, raising approximately $9 million to help support development of its transcatheter tech designed to treat mitral regurgitation.
The financing was led by Canadian angel network Anges Québec, the Brooklyn Park, Minn.-based company said.
“We are excited to invest in 4C Medical. With a proven leadership team and a truly novel TMVR technology that eliminates the issues seen with current TMVR technologies, 4C Medical has the potential to addresses a significant unmet need,” Anges Québec investment support VP Stéphane Pilette said in a prepared statement.
4C Medical said it is developing a transcatheter mitral regurgitation therapy which preserves the native mitral valve and left ventricle through the use of a supra-annular, atrial-only fixation technology.
The device is being designed to eliminate issues associated with current transcatheter mitral valve replacement tech, which the company said rely on placement and fixation in the native mitral annulus or additionally in the left ventricle.
“The native mitral annulus is asymmetrical and the geometry of the valve leaflets is irregular, causing major challenges for TMVR technologies in development today, which depend on the unpredictable anatomy for sizing and anchoring. Millions of patients suffer from MR and many are undertreated. Our mission is to develop a treatment option that overcomes these challenges. With the support of our investors, our team is dedicated to achieve this goal,” 4C Medical founder & chief medical officer Dr. Jeffrey Chambers said in a press release.
“We are pleased there has been such strong interest in our company and technology. Currently we are two quarters ahead of our 2017 milestones and goals. Due to this early success we decided to accelerate key 2018 milestones. To fund this acceleration, we announced in May of this year our intention to increase our convertible note offering goal from $4 million to $8 million. The proceeds from this financing will be used to finalize the design of our technology, which will be used in our planned early feasibility study in the United States, and possibly Japan, to achieve first-in-human implants,” 4C Medical CEO Robert Thatcher said in a prepared release.