Cardiosolutions Inc. Gathers Major Investment from Sorin Group
July 16, 2012 — Cardiosolutions Inc., an early-stage company focused on the development of an innovative percutaneous system to treat patients with moderate to severe mitral valve regurgitation, today announced it has received a minority investment from Sorin Group. Sorin is a global medical device company and develops, manufactures, and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders.
Cardiosolutions' technology consists of a proprietary catheter delivery system and an implant, the Mitra-Spacer. This implant is designed to fill the void created by a dilated annulus or deteriorating valve mechanism providing a sealing surface for the leaflets of the mitral valve, thus reducing the degree of mitral regurgitation in patients.
This technology represents a less invasive, percutaneous solution for patients who suffer from moderate to severe mitral regurgitation, including a portion of those who have congestive heart failure. Today two to three percent of the world's population suffers from mitral regurgitation and approximately 2.3 million patients in the United States and Europe suffer from severe mitral regurgitation. Every year approximately 500,000 new patients are diagnosed with this disease, of which more than 80 percent are untreated. A substantial group of patients have no option because they are too sick to survive the surgery and many others delay treatment because they have only moderate symptoms.
Sorin's $8 million investment will finance on-going product development and clinical testing of this technology. Under the terms of the agreement, Sorin also has an option to acquire the company in the future. Sorin Group joins STD Med and BioVentures Investors as an investor in Cardiosolutions.
For more information: www.sorin.com
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