CardioMech Raises $5 Million

CardioMech AS, a privately-held company developing a transcatheter mitral valve repair technology, has closed on a convertible note financing of $5 million, significantly oversubscribed. The note included investments from experienced MedTech investors and brings the total amount raised for CardioMech to $7.5 million in 2019. Proceeds from the raised funding will be used to further accelerate the development of its technology.    
 
“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 Rick Nehm, president and CEO of CardioMech.
 
“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,” said co-founder and CMO of CardioMech 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 Mark Novotny, chairman, Board of Directors, CardioMech. “Achievement of this fundraising milestone is clear evidence that we are developing a technology that may be highly attractive in the marketplace.”