CardiAQ Valve Technologies,a developer of technologies for percutaneous mitral heart valve replacement, has announced that it received US$37.3 million in funding in its second round of equity financing. The funding, which incorporates conversion of a 2011 bridge financing, will be used to further validate the company’s transcatheter mitral valve implantation (TMVI) technology and is expected to carry the company through its feasibility and CE mark clinical trials.
OrbiMedled the round and was joined by Versant Ventures, Advent Life Sciences and existing investors. Concurrent with the financing, David Bonita and Vince Burgess have joined the board of directors representing OrbiMed.
“We have made significant progress in the development of our core technologies as well as in our clinical programme,” said Arshad Quadri, founder, chairman and chief medical officer, CardiAQ. “This additional capital from very substantial venture funds will enable us to continue our strategy of leadership in the development of transcatheter mitral valve implantation systems.”
“The dynamic nature of the mitral anatomy, combined with the challenges of percutaneous access, make true transcatheter mitral valve implantation one of the most technically demanding device development endeavors of my career,” said Rob Michiels, CEO, “and while it has taken more than three years to get to this point, we are gratified that with the recently performed first-in-human case we now have true proof of concept regarding Dr Quadri’s TMVI technology.”
“Market research suggests that CardiAQ’s approach will be applicable to a wide range of patients suffering from mitral valve disease who require definitive treatment, but who are not good candidates for open heart surgery. Given the level of unmet clinical need, there is no doubt that CardiAQ has the potential to become a standalone player in the mitral space,” added Brent Ratz, president, COO and co-founder.