ConKay Medical Systems, a medtech start-up company developing a device for treating patients suffering from valvular regurgitation, has closed an oversubscribed US$1.8 million seed round.
Multiple investment funds participated in the round including Unorthodox Ventures, SCP Ventures, WS Investment Company, and individual angel investors.
“ConKay’s innovative technology addresses a significant unmet need experienced by tens of millions of patients,” said Unorthodox Ventures founder Carey Smith. “We’re pleased to support the company as it heads toward first-in-human clinical trial.”
With the company first focusing on the tricuspid valve, the funding will support the company growth and development of its one-size fits all annular repair catheter system.
Albert Yuan, founder and CEO of ConKay Medical, said: “Millions of tricuspid regurgitation (TR) patients worldwide are currently left with no medical options and at ConKay, our mission is to help patients live longer lives with their loved ones. We are grateful to our investors for their trust and support in helping us achieve this goal.”
There are more than 70 million people worldwide with TR. Current devices, including those in trials, have major limitations preventing patients with severe TR from receiving treatment. ConKay’s catheter is adjustable and tackles all current limitations, including avoiding pacemaker leads.
Jamie McCabe (University of Washington, Seattle, USA), said: “Despite recent advances in the treatment of TR, it’s clear that none of the current technologies are capable of addressing even a fraction of all patients with TR. ConKay Medical has developed some really exciting technology to implement tricuspid annuloplasty. Their independent arms and novel anchor concepts are really exciting. Additionally, the range of annulus sizes their technology should be able to treat will open up therapy for almost everyone with TR, which would be a huge advance.”
The company anticipates raising its next round of financing in the second quarter of 2024 to support first-in-human testing.
