CardioMech AS said today that it has raised another $5 million in a heavily oversubscribed convertible note funding round, bringing its total raised during 2019 to $7.5 million.
Experienced medtech investors participated in the round, whose proceeds will be used to further accelerate the development of its transcatheter mitral valve technology, according to the early-stage device development company.
“Investors are enthusiastically supporting our catheter-based, beating-heart chordal repair technology because it’s highly differentiated and designed to allow physicians to address a large market with a clear unmet clinical need,” said CardioMech president & CEO Rick Nehm in a news release.
“Mitral regurgitation is the most common cardiac valvular anomaly and affects millions of people worldwide. The CardioMech device is designed to address prolapse and flail by restoring coaptation of the mitral leaflets with artificial chords,” added company co-founder and CMO Dr. Jacob Bergsland. “Chordal repair may likely become the front line therapy for patients with mitral regurgitation as, with its limited footprint, it preserves the use of future therapies.”
“The management team, physicians, and investors are excited about the significant momentum we have in developing the CardioMech technology,” said CardioMech board chairman Mark Novotny. “Achievement of this fundraising milestone is clear evidence that we are developing a technology that may be highly attractive in the marketplace.”