Ancora Heart announced today that it raised $80 million in equity financing for its AccuCinch ventricular restoration system.
Santa Clara, Calif.-based Ancora Heart said in a news release that funds raised in the equity round are earmarked for the acceleration of the Corcinch-HF pivotal clinical study of the AccuCinch system for treating symptomatic heart failure with reduced ejection fraction (HFrEF).
The company won FDA investigational device exemption for AccuCinch in June 2020 and began enrolling patients in the pivotal trial in January of this year.
Ancora Heart designed AccuCinch to treat patients with HFrEF by directly reshaping the left ventricle of the heart to address the fundamental issue in the progression of systolic heart failure. The company touts it as the only completely transcatheter procedure for treating the enlarged left ventricle.
Sands Capital, Sio Capital and an undisclosed strategic investor joined all existing investors for the financing round.
“Ancora Heart is at an exciting stage as we continue with our pivotal clinical trial to support our PMA submission to the FDA, and this investment will help us prepare for potential launch and subsequent commercialization,” Ancora Heart president & CEO Jeff Closs said in the release. “We are grateful to our new and returning investors for their support for our vision to provide a promising new treatment option for people suffering from heart failure.”
Sands Capital, Sio Capital and an undisclosed strategic investor joined all existing investors for the financing round.
The company also announced that Pagonia Medical co-founder & CEO Beverly Huss joined its board of directors, bringing with her more than 20 years of experience in the medical device space.
Before founding Pagonia, Huss served as president & CEO at Qool Therapeutics, held the roles of co-founder & CEO at Vibrynt and operated in a number of executive positions at Guidant.
“Bev brings both private and public company board experience as well as significant operating experience and we are excited to add her talents to our board,” Closs said.