Ancora Heart has closed US$80 million in equity financing, with the funds to be used to accelerate the CORCINCH-HF pivotal clinical study of the AccuCinch ventricular restoration system. The device is designed to treat patients who have symptomatic heart failure with reduced ejection fraction (HFrEF).
“Ancora Heart is at an exciting stage as we continue with our pivotal clinical trial to support our PMA submission to the FDA [US Food and Drug Administration], and this investment will help us prepare for potential launch and subsequent commercialisation,” said Jeff Closs, president and CEO of Ancora Heart. “We are grateful to our new and returning investors for their support for our vision to provide a promising new treatment option for people suffering from heart failure.”
“There is a very large unmet clinical need for patients with HFrEF and we are confident that Ancora Heart’s unique therapeutic approach is well positioned to play a key role in helping these people obtain the treatment that they need,” said Andrew Midler, founder of Savitr Capital.
The AccuCinch system is designed to augment the existing care cardiologists provide their HF patients. For patients in whom HF has progressed beyond the ability of medications and pacemakers to manage symptoms, the AccuCinch system may provide an effective treatment option by filling the gap between medication or pacemaker therapy and left ventricular assist devices (LVADs) or a heart transplant.
During the minimally invasive AccuCinch system procedure, a flexible implant is attached to the inner wall of the left ventricle. The implant is intended to reduce the size of the left ventricle, reduce ventricular wall stress, and support and strengthen the heart wall. The AccuCinch System may help reduce symptoms, improve quality of life and potentially increase life expectancy.
The CORCINCH-HF Study is a prospective, randomised, open-label, multicentre, international, clinical safety and efficacy investigation of the AccuCinch System, which is designed to enrol 400 patients at up to 80 centres worldwide.