March 10, 2016 — 4Tech Inc. announced that it has secured $29 million in an oversubscribed series B financing, which will be used to gain European market entry for the 4Tech TriCinch system for transcatheter tricuspid valve regurgitation (TTVR).
Funding was led by Valiance and RMM, with participation from existing and new investors NeoMed Management, and a group of business angels with a strong track record in aortic and mitral structural heart disease.
Tricuspid regurgitation (TR) is a difficult-to-manage, age-related disorder in which blood “backflows” into the right side of the heart and which affects approximately 3 million people in the United States and Europe. The condition is typically managed solely with diuretic medication, as surgical intervention is considered very high-risk. Recurring complications from TR result in frequent re-hospitalizations and often lead to end-stage dialysis, making this condition a significant cost-driver to the healthcare system.
4Tech’s TriCinch system, according to the company, is the world’s first transcatheter device developed to treat this unmet clinical need and is designed to allow clinicians to repair a diseased tricuspid heart valve in a simple and reproducible interventional procedure.
“With its unique TriCinch system, 4Tech is well-positioned to capitalize on the growing trend toward the transcatheter treatment of heart valve disease,” said Jan Pensaert, founder and CEO of Valiance. “We believe the company has the potential to transform the way tricuspid valve disease is treated in the future. Furthermore, 4Tech is leading the evolution of a new and potentially large market segment.”
The 4Tech TriCinch System for TTVR is in the early phase of development. It will not be available in the United States for clinical trials until further notice and is not available for sale.
For more information: www.4techtricuspid.com