News | Heart Valve Technology | August 05, 2020

Transcatheter Mitral Valve Repair Startup CardioMech Raised $18.5 Million

Investment will fund CardioMech first-in-human feasibility trial for chordae tendineae repair system

CardioMech's transcatheter chordae tendineae repair system uses a catheter to attach an anchor on the mitral valve leaflet and then attaches it via a cord to the apex of the heart.

CardioMech's transcatheter chordae tendineae repair system uses a catheter to attach an anchor on the mitral valve leaflet and then attaches it via a cord to the apex of the heart.

August 5, 2020 – Minneapolis-based CardioMech AS, a medical device company developing a transfemoral, transseptally delivered mitral valve repair technology, announced it has closed on its Series A financing led by a non-disclosed strategic investor together with healthcare specialist investor Hadean Ventures and Investinor. The $18.5 million in financing will fund its first-in-human feasibility trial.   

CardioMech is developing a catheter-based mitral valve repair technology as an alternative to open-heart cardiac surgery to repair the chordae tendineae that tether the valve leaflets. The new technology enables placement of artificial chord(s) in the heart via a catheter to reduce or eliminate mitral regurgitation without opening the chest, stopping the heart, or going on heart-lung bypass.

"I am thrilled to partner with our strategic investor, Hadean and Investinor, leading global players in the development of medical device technologies," said Rick Nehm, President and CEO of CardioMech. "Together we will pursue and achieve our objective to significantly improve the standard of care for patients suffering from mitral regurgitation." 

"We are very excited to join a key strategic investor to fund CardioMech to its feasibility study, not only because we see it as the most promising technology in the mitral market, but also because of its potential to have a significant and meaningful impact on so many patients suffering from mitral regurgitation around the world," said Ingrid Teigland Akay, M.D., MBA, Managing Partner of Hadean Ventures. 

"CardioMech has the right technology, the right team, the right partners in the right market and Investinor is excited to invest in the development of this Norwegian-born technology," said Ann-Tove Kongsness, investment director, Investinor.

Mitral regurgitation, the backward flow of blood across the mitral valve, occurs when the mitral valve leaflets do not close properly and is the third most common cardiovascular disease.  The market to treat this condition is widely expected to be significantly larger than the TAVR market, currently a $4 billion market.

For more information: www.cardiomech.com

Related Content

The Edwards Lifesciences Sapien 3 TAVR valve. The annual volume of TAVR has increased each year and in 2019 TAVR volume (72,991) exceeded all forms of SAVR (57,626), coinciding with the U.S. Food and Drug Administration (FDA) approval of TAVR for low-risk patients. 

Feature | Heart Valve Technology | November 17, 2020
November 17, 2020 — Since the approval of the first transcatheter aortic valve replacement (TAVR) device in 2011, mor
oston Scientific Corp. announced today it is immediately retiring the entire Lotus Edge transcatheter aortic valve replacement (TAVR) system. It also initiated a global, voluntary recall of all unused inventory of the Lotus Edge due to complexities associated with the product delivery system. 
Feature | Heart Valve Technology | November 17, 2020 | Dave Fornell, Editor
November 17, 2020 — Boston Scientific Corp.
The Keystone Heart TriGuard 3 (TG3) is a self-stabilizing cerebral embolic deflection filter used in patients undergoing transcatheter aortic valve replacement (TAVR). The device is designed to reduce TAVR complications of cerebral embolization and ischemic stroke. #TCT #TCT2020 #TCTconnect

The Keystone Heart TriGuard 3 (TG3) is a self-stabilizing cerebral embolic deflection filter used in patients undergoing transcatheter aortic valve replacement (TAVR). The device is designed to reduce TAVR complications of cerebral embolization and ischemic stroke. 

News | Heart Valve Technology | October 15, 2020
October 15, 2020 – The REFLECT II randomized clinical trial evaluating the safety and efficacy of the Keystone Heart
The Boston Scientific Acurate neo self-expanding TAVR valve (left) did not perform as well clinically as the Medtronic CoreValve Evolut TAVR valve (right) in the SCOPE II trial presented at TCT 2020. #TCT #TCT2020 #TCTconnect

The Boston Scientific Acurate neo self-expanding TAVR valve (left) did not perform as well clinically as the Medtronic CoreValve Evolut TAVR valve (right) in the SCOPE II trial presented at TCT 2020.

Feature | Heart Valve Technology | October 15, 2020
October 15, 2020 – The SCOPE II trial comparing the Boston Scientific Acurate neo vs.
An illustration showing the MitraClip catheter entering the left atrium through a transseptal puncture. #TCT2020 #TCTconnect

An illustration showing the MitraClip catheter entering the left atrium through a transseptal puncture.

News | Heart Valve Technology | October 15, 2020
October 15, 2020 – The...
Medtronic is starting a randomized, head-to-head study comparing the Medtronic CoreValve Evolut Pro and Pro+TAVR Systems against the balloon-expandable Edwards Sapien 3 and Sapien 3 Ultra Transcatheter Heart Valvestwo transcatheter aortic valve replacement (TAVR) systems in patients with severe symptomatic aortic stenosis (ssAS). 

Medtronic is starting a randomized, head-to-head study comparing the Medtronic CoreValve Evolut Pro and Pro+TAVR Systems against the balloon-expandable Edwards Sapien 3 and Sapien 3 Ultra Transcatheter Heart Valvestwo transcatheter aortic valve replacement (TAVR) systems in patients with severe symptomatic aortic stenosis (ssAS). 

News | Heart Valve Technology | October 14, 2020
October 14, 2020 — Medtronic announced it is starting a randomized, head-to-head study comparing two transcatheter ao
The Cardiac Dimensions Carillon Mitral Contour System, a transcatheter device used to treat functional mitral regurgitation (FMR) in patients with heart failure.
News | Heart Valve Technology | October 02, 2020
October 2, 2020 — Cardiac Dimensions announced the company has closed a $17.5 million Series C financing that will be
Boston Scientific launched the Acurate neo2 transcatheter aortic valve replacement (TAVR) system in Europe. This next-generation transcatheter aortic valve implantation (TAVI) technology is a new platform designed with a number of features to improve upon the clinical performance of the original Acurate neo platform. Compared to the previous generation device, the Acurate neo2 valve system also has an expanded indication for patients with aortic stenosis. #TAVR #TAVI
News | Heart Valve Technology | September 29, 2020
September 29, 2020 — Boston Scientific launched the...