Cardiac Dimensions has closed a US$17.5 million series C financing round which will be used to accelerate commercial sales of its Carillon mitral contour system in Europe and allow for expansion into other geographies such as Australia.
All existing shareholders participated in the round including Aperture Venture Partners, Arboretum Ventures, Hostplus, Life Sciences Partners, Lumira Ventures, and M. H. Carnegie & Co.
Earlier this month, Australia’s Therapeutic Goods Administration approved the Carillon system for commercial use in functional mitral regurgitation (FMR) patients with mild to severe mitral regurgitation.
“The Carillon System is a transformative product which has shown great success in helping an extremely large patient population with very few options,” said Rick Wypych, chief executive officer and president of Cardiac Dimensions. “The new round of financing will allow for continued growth of sales in Europe and provide capital for our expansion efforts into other geographies—such as Australia. We thank our investors for their continued support as our business shows excellent results despite the challenging environment.”
FMR is due to the mitral valve not closing tightly, resulting in blood flowing or leaking backwards through the mitral valve. This further decreases the amount of oxygenated blood that is pumped out to the body, increases the symptoms associated with heart failure, and decreases the quality of life of those who have been diagnosed.
“We’re excited to support the expansion of sales of the Carillon System,” said Trevor Moody of MH Carnegie & Co. “Cardiac Dimensions’ innovative efforts and dedication to expanding access to the Carillon system will soon allow people worldwide to benefit from this therapeutic innovation.”