CardioMech announced that it closed a $13 million financing round, bringing its total funding to $42 million to date.
The Norway-based company develops transfemoral, transeptally delivered mitral valve chordal repair technology in Fridley, Minnesota. Its latest round of funding came from existing and new investors, including an undisclosed strategic investor.
CardioMech said in a news release that the oversubscribed round demonstrates the belief behind its chordal repair technology. The company believes it could become a first-line therapy for degenerative mitral regurgitation (MR) patients.
The company designed the artificial chord device to reduce or eliminate regurgitation and restore the native anatomy. CardioMech believes the simple, straightforward procedure could provide an alternative to open-heart surgery and the surgically ineligible. Its device could reduce the need for open-heart surgery and may lessen the need for w…