Cardiac Dimensions Pockets $53M in Series E Financing

Cardiac Dimensions has closed an oversubscribed $53 million Series E financing round. The round was led by Ally Bridge Group with participation from existing investors.

The company said the financing will fund completion of its EMPOWER U.S. pivotal study. It will also support continued commercialization of the Carillon mitral contour system.

The Carillon device restores natural mitral valve function without damaging the mitral valve leaflets. The catheter-based procedure restores the valve’s natural function and promoting favorable left ventricular modeling. Cardiac Dimensions said clinical studies have shown Carillon therapy reduces mitral regurgitation, improves quality of life, and has longer survival for a broad range of patients with functional mitral regurgitation (FMR).

Patients with early-stage FMR can also be treated with Carillon therapy as a front-line treatment option because it doesn’t prevent use of other future therapies.

“Cardiac Dimensions is uniquely positioned to provide a safe, simple, and effective solution for heart failure patients suffering from FMR,” said Rick Wypych, president and CEO of Cardiac Dimensions. “A financing of this magnitude reflects the strong conviction of Ally Bridge, as well as our existing insiders, in the Carillon therapy’s ability to play a central role in the treatment of this high-need patient population.”

In addition to lead investor Ally Bridge Group, new investor Claret Capital Partners and existing Cardiac Dimensions investors Hostplus, M.H. Carnegie, Horizon 3 Healthcare, Lumira Ventures, and a confidential strategic investor significantly participated in the round.

“We are excited to lead this financing to help support Cardiac Dimensions’ significant advancements in the treatment of heart failure patients with FMR,” said Steve Plachtyna of Ally Bridge Group and new member of the company’s board of directors. “We have been very impressed with the progress the company has made over the past several years in both their clinical efforts and their expansion of commercial sales outside the U.S. This financing will fund and accelerate both of these efforts.”