The Series A, led by a non-disclosed strategic investor, together with Hadean Ventures and Investinor, will fund CardioMech’s journey to treat patients in a first-in-human feasibility trial
MINNEAPOLIS, Aug. 5, 2020 /PRNewswire/ — Minneapolis based CardioMech AS, a medical device company developing a transfemoral, transseptally delivered mitral valve repair technology, announced today it has closed on its Series A financing led by a non-disclosed strategic investor together with healthcare specialist investor Hadean Ventures and Investinor. The $18.5M financing round will fund its journey to conduct its first-in-human feasibility trial.
Mitral regurgitation, the backward flow of blood across the mitral valve, occurs when the mitral valve leaflets do not close properly and is the third most common cardiovascular disease. The market to treat this condition is widely expected to be significantly larger than the TAVR market, currently a $4B market.
CardioMech is developing a catheter-based mitral valve repair technology as an alternative to open-heart cardiac surgery by placing its artificial chord(s) in the heart via a catheter to reduce or eliminate mitral regurgitation without opening the chest, stopping the heart, or going on heart-lung bypass.
“I am thrilled to partner with our strategic investor, Hadean and Investinor, leading global players in the development of medical device technologies,” said Rick Nehm, President and CEO of CardioMech. “Together we will pursue and achieve our objective to significantly improve the standard of care for patients suffering from mitral regurgitation.”
“We are very excited to join a key strategic investor to fund CardioMech to its feasibility study, not only because we see it as the most promising technology in the mitral market, but also because of its potential to have a significant and meaningful impact on so many patients suffering from mitral regurgitation around the world,” said Ingrid Teigland Akay, MD, MBA, Managing Partner of Hadean Ventures.
“CardioMech has the right technology, the right team, the right partners in the right market and Investinor is excited to invest in the development of this Norwegian-born technology,” said Ann-Tove Kongsness, Investment Director, Investinor.
About Hadean Ventures:
Hadean Ventures is a life science fund manager that invests in companies across Europe with a particular focus on the Nordic region. The funds are backed by leading private and institutional investors. Hadean Ventures has offices in Oslo and Stockholm and collaborates with world-class academic institutions and start-up hubs across the region and beyond. www.hadeanventures.com.
Investinor is a major, leading venture capital player with a focus on Nordic Venture and growth equity. We invest in the most promising unlisted tech companies aiming for international growth and expansion. Its investment portfolio currently consists of 70 companies. The fund is financially strong and has a consistent, credible investment philosophy. www.investinor.no.
About CardioMech AS
CardioMech AS is a privately-held company that is developing a transcatheter mitral valve repair technology to treat patients suffering from severe, symptomatic degenerative mitral regurgitation due to prolapse or flail.
Caution: The CardioMech device is in the early R&D development phase and is NOT approved or cleared by the FDA or any other regulatory body in any region of the world.