Investors offer backing for developer of transcatheter mitral chord repair technology

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Photo: Benjamin A. Ward/Cardiomech

Norway-based CardioMech AS, a medical device company developing a transfemoral, transseptally delivered mitral valve chordal repair technology in Fridley, USA, has announced that it has closed on US$13M in fresh capital (US$42M to-date).

CardioMech received financial support from existing and new investors, including a non-disclosed strategic investor.

The oversubscribed round further demonstrates investors’ expectations that chordal repair may be a first-line therapy for degenerative mitral regurgitation patients, the company said in a press release.

The CardioMech device is an artificial chord that is designed to reduce or eliminate regurgitation and to restore the native anatomy. The catheter-based therapy is intended to be a simple and straightforward procedure and an alternative therapy option for both patients eligible for open-heart surgery and those considered surgically ineligible.

Mitral regurgitation is the third most common cardiovascular disease that occurs when there is backward flow of blood across the mitral valve. It is highly prevalent, debilitating for patients, and deadly if untreated.

Rick Nehm

“I am thrilled to continue building on a successful long-term collaboration with our existing investors in the development of this technology, as well as to partner with new individual investors that truly believe in this team and this technology,” said Rick Nehm, president, CEO and chairman of the board of CardioMech. “We are working together to achieve our objective to significantly improve the standard of care for the millions of patients suffering from degenerative mitral regurgitation.”

“There is a significant need for a less-invasive technology that can eliminate mitral regurgitation in younger and healthier patients and Norwegian-born CardioMech is developing a category-defining technology that may benefit patients suffering from mitral regurgitation around the world,” said Jacob Bergsland, founder of CardioMech. “CardioMech has the right technology, the right team, the right partners in the right market and we are excited to develop this profound technology.”


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