December 9, 2014 — CardioKinetix Inc. announced it has completed a $50 million financing led by Edwards Lifesciences Corp. with participation from other existing investors. This financing provides CardioKinetix with the capital necessary to complete the PARACHUTE IV randomized pivotal clinical trial of the Parachute ventricular partitioning device for the treatment of heart failure.
CardioKinetix has also entered into an agreement that provides Edwards Lifesciences the right to acquire CardioKinetix based on future regulatory milestones.
Data from the PARACHUTE IV study, which is currently enrolling patients in the United States, will be the basis for CardioKinetix’s pre-market approval (PMA) submission to the U.S. Food and Drug Administration (FDA). The financing will also enable CardioKinetix to pursue international market development efforts in key geographies.
For more information: www.cardiokinetix.com