Early stage cardiovascular intervention tech developer CardioMech AS said today that it raised $2.5 million in a convertible note financing round.
The Oslo-based company said that the round was significantly oversubscribed, and included investments from experienced angel investors.
CardioMech is developing a transcatheter alternative to cardiac surgery for the placement of artificial chords for the mitral valve, according to the company’s website. The company’s initial tech will focus on high risk patients suffering from severe symptomatic degenerative mitral regurgitation due to props or flail.
“This financing milestone demonstrates the rapid acceleration of the development of CardioMech’s transcatheter mitral valve repair technology. We have already begun testing prototypes of our highly differentiated device, and we are moving onto the path toward the goal of significantly improving the standard of care for patients suffering from mitral valve disease. There are millions of patients who suffer from a leaky mitral valve due to prolapse or flail, and most are not eligible for cardiac surgery. This cash infusion will empower us to expedite development of our catheter-based technology. Our goal is to provide physicians with the right tool to treat these very sick patients — without the risks associated with open-heart surgery, which includes cardiac arrest and the heart-lung bypass pump,” prez & CEO Rick Nehm said in a prepared release.
“Transcatheter mitral valve chordal repair is an attractive market segment, and we intend to lead it. The CardioMech device is designed to be highly differentiated from competing technologies, and this fundraising milestone is evidence of investors’ confidence in the significant market opportunity. We are eager to support the company and help bring its remarkable technology to market,” board chair Mark Novotny said in a press release.
Last November, CardioMech said that it named medical device industry veteran Richard Nehm as president & CEO effective immediately.