CARDIOMECH RAISES $13M IN HEAVILY OVERSUBSCRIBED ROUND FOR ITS TRANSCATHETER MITRAL CHORDAL REPAIR TECHNOLOGY

CardioMech received strong support by investors despite challenging environment because of its potential to be a category-defining Chordal Repair technology

MINNEAPOLIS, Jan. 2, 2024 /PRNewswire/ -- Norway-based CardioMech AS, a medical device company developing a transfemoral, transseptally delivered mitral valve chordal repair technology in Fridley, MN, today announced it has closed on $13M in fresh capital ($42M to-date). 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.

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. Therefore, the CardioMech device can potentially reduce the need for open-heart surgery and may lessen the need for watchful waiting in younger and healthier patients.

Mitral Regurgitation is the third most common cardiovascular disease that occurs when there is backward flow of blood across the mitral valve. It is highly prevalent, debilitating for patients, and deadly if untreated. The market is expected to be larger than the TAVR market, currently a $6B market.

"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," said Rick Nehm, President, CEO and Chairman of the Board of CardioMech. "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." 

"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," said Jacob Bergsland, MD, Founder of CardioMech. "CardioMech has the right technology, the right team, the right partners in the right market and we are excited to develop this profound technology."

About CardioMech: CardioMech AS, a privately held company, is developing its transcatheter mitral valve chordal repair technology. Caution: Investigational device. Limited by law to investigational use. 

SOURCE CardioMech