Cardiac Dimensions completes US$43m equity financing

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Cardiac Dimensions today announced the addition of US$15.2m to its previously announced financing. Life Sciences Partners and Aperture Venture Partners join the current international syndicate of institutional investors from Canada, Australia and the USA, including Lumira Capital, MH Carnegie, and Arboretum Ventures. With this latest investment, the aggregate amount raised in the round is US$43m.

The proceeds will be used to support the company’s REDUCE FMR clinical trial. REDUCE FMR is the first blinded, randomised clinical trial of a percutaneous mitral repair device in patients with functional mitral regurgitation. Involving up to 20 hospitals in Europe and Australia, REDUCE FMR is being initiated with the objective to establish Carillon as the gold standard therapy in the treatment of functional mitral regurgitation. The proceeds will also be used to expand the company’s research and development projects and its commercial operations.

Rick Stewart, chief executive officer, said “With REDUCE FMR on the verge of enrolling patients and a significant increase in our commercial activity, the completion of this financing allows us to aggressively pursue our goal to redefine the treatment of functional mitral regurgitation for the benefit of the millions who suffer from its deleterious effects. Our investor syndicate is perfectly suited to partner with us in the execution of our clinical, commercial and geographical ambitions.”

A minimally-invasive therapy, the Carillon system is designed to treat heart failure patients suffering from functional mitral regurgitation. An estimated 70% of the 20 million people worldwide with heart failure suffer from the condition.