NeoChord has announced that it has completed a US$25 million Series D equity financing. Proceeds from the financing will be used to accelerate the development of the company’s transcatheter chordal repair and edge to edge programmes. The Series D round is led by US Venture Partners and co-led by Deerfield Management. Baird Capital is also continuing its strong insider support.
The NeoChord procedure is designed to be a beating heart, echo-guided treatment option for patients with mitral valve regurgitation and is proven to resolve and restore normal mitral valve function. NeoChord’s technology aims to allow for a truly minimally invasive procedure via a transapical incision on a beating heart without the need for cardio-pulmonary bypass or aortic cross-clamping. With the NeoChord procedure, the surgeon uses real-time feedback in the operating room, to precisely adjust the length of the newly placed chord and to reduce and eliminate mitral valve regurgitation all while the heart is beating.
David Chung, president and CEO of NeoChord, says: “We are pleased to close the Series D financing to resource the acceleration of the on-going development of our transcatheter edge-to-edge and chordal repair programmes. As the leader in chordal repair, we will continue our strong commercial presence internationally, while fast-tracking the development of our catheter-based programmes. We look forward to partnering with US Venture Partners as we execute our core R&D and commercial strategies.”
Casey Tansey, of Venture Partners states: “NeoChord has established strong, clinical credibility with its current platform and has entrenched beating heart chordal repair as an important treatment option for the mitral toolbox. We are confident in the team’s ability to leverage their robust commercial experience in chordal repair with the current device while driving the development of their two transcatheter repair programs. We look forward to the collaboration with NeoChord to further advance treatment options for patients suffering from mitral valve regurgitation.”
Concurrent with the recent financing, Casey Tansey will join NeoChord’s Board of Directors.