Norway-based Medical Device Company CardioMech Secures $13M in Funding. CardioMech received strong financial support from existing and new investors, including a non-disclosed strategic investor.
The heavily oversubscribed round further demonstrates investors’ expectations that Chordal Repair may be a first-line therapy for Degenerative Mitral Regurgitation patients and, particularly for CardioMech, confidence that CardioMech can lead the market.
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The CardioMech device is an artificial chord that is designed to reduce or eliminate regurgitation and to restore the native anatomy. This catheter-based therapy is intended to be a simple and straightforward procedure and an alternative therapy option for both patients eligible for open-heart surgery and those considered surgically ineligible.
Rick Nehm, President, CEO and Chairman of the Board of CardioMech said, “I am thrilled to continue building on a successful long-term collaboration with our existing investors in the development of this technology, as well as to partner with new individual investors that truly believe in this team and this technology, We are working together to achieve our objective to significantly improve the standard of care for the millions of patients suffering from degenerative mitral regurgitation.”
Jacob Bergsland, MD, Founder of CardioMech said, “There is a significant need for a less-invasive technology that can eliminate mitral regurgitation in younger and healthier patients and Norwegian- born CardioMech is developing a category-defining technology that may benefit patients suffering from mitral regurgitation around the world, CardioMech has the right technology, the right team, the right partners in the right market and we are excited to develop this profound technology.”
CardioMech AS, a privately held company, is developing its transcatheter mitral valve chordal repair technology. Caution: Investigational device. Limited by law to investigational use.
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