Cardiac Dimensions has closed of a US$53 million series E financing round led by Ally Bridge Group with significant participation from existing investors.
The financing will fund the completion of the EMPOWER trial US pivotal study and support the continued commercialisation of the Carillon mitral contour system for the treatment of heart failure patients with early-stage functional mitral regurgitation (FMR).
“Cardiac Dimensions is uniquely positioned to provide a safe, simple, and effective solution for heart failure patients suffering from FMR. A financing of this magnitude reflects the strong conviction of Ally Bridge, as well as our existing insiders, in the Carillon therapy’s ability to play a central role in the treatment of this high-need patient population,” said Rick Wypych, president and CEO of Cardiac Dimensions.
“With these additional resources, we are also well-positioned to continue our global commercial expansion of the Carillon therapy to improve the lives of patients with this debilitating disease,” continued Wypych.
In addition to lead investor Ally Bridge Group, new investor Claret Capital Partners and existing Cardiac Dimensions investors Hostplus, MH Carnegie, Horizon 3 Healthcare, Lumira Ventures, and a confidential strategic investor significantly participated in the round.
“We are excited to lead this financing to help support Cardiac Dimensions’ significant advancements in the treatment of heart failure patients with FMR,” said Steve Plachtyna of Ally Bridge Group and new member of the company’s board of directors. “We have been very impressed with the progress the company has made over the past several years in both their clinical efforts and their expansion of commercial sales outside the USA This financing will fund and accelerate both of these efforts.”
The Carillon device is designed to restore natural mitral valve function without damaging the mitral valve leaflets. The catheter-based procedure is intended to work by restoring the valve’s natural function and promoting favourable left ventricular remodelling.
Clinical studies have shown the Carillon therapy reduces mitral regurgitation, improves quality of life, and has extended survival for a broad range of patients with FMR, Cardiac Dimensions says in a press release. Furthermore, patients with early-stage FMR may be treated with Carillon therapy as a front-line treatment option, as it does not prevent the use of other future therapies.
