Heart failure treatment developer Cardiac Dimensions announced today that closed a $35 million Series D financing round.
Kirkland, Washington-based Cardiac Dimensions develops minimally invasive treatment modalities for heart failure and related cardiovascular conditions. Its lead product, the Carillon Mitral Contour System, uses a gentle, minimally invasive approach. It designed the system to restore natural mitral valve function without damaging mitral valve leaflets.
According to a news release, the device offers favorable remodeling while reducing mitral regurgitation. Cardiac Dimensions said it improves quality of life and extends survival for a range of patients.
Carillon produces an annuloplasty effect while initiating left ventricular remodeling and improving long-term survival. It can accompany other heart failure treatments if needed, Cardiac Dimensions said.
Existing investor Horizon 3 Healthcare, along with an undisclosed strategic investor, co-led the financing. Other existing investors participated, including Arboretum Ventures, Hostplus, EQT Life Sciences, Lumira Ventures and M. H. Carnegie & Co.
Cardiac Dimensions’ plans for the financing
The company intends to use proceeds from the Series D to enroll in the U.S. Empower pivotal study of Carillon.
Cardiac Dimensions commenced the trial late last summer. It includes centers such as the Cleveland Clinic, Columbia University Medical Center, and Ronald Reagan UCLA Medical Center.
The company also plans to use funds to support expanded sales of Carillon in Europe. It has CE Mark and also offers full reimbursement in several European countries. It also holds marketing authorization in Australia. The device remains investigational in the U.S.
“Having two high-quality co-lead investors, including a new strategic investor, as well as the continued financial support of all existing investors, continues to validate Cardiac Dimensions’ solution for heart failure patients suffering from mitral regurgitation. This funding will enable us to continue providing Carillon therapy to a large population of patients in dire need of treatment,” said Cardiac Dimensions CEO Rick Wypych. “We anticipate accelerating enrollment in our EMPOWER pivotal trial where we can now bring Carillon’s benefits to earlier-stage patients with much lower grades of mitral regurgitation. With strong reimbursement in place in key European markets, we also look forward to expanding adoption in these markets and adding new geographies this year.”