NeoChord has announced that it has secured additional funding as an extension of its Series D equity financing, which was announced in November of 2018. The additional funds bring the total equity that NeoChord has raised in the past 12 months to over $32 million.
A press release reports that proceeds from the financing will be used to accelerate the development of the company’s transcatheter chordal repair and edge to edge programmes. Strategic Healthcare Investment Partners (S.H.I.P.) provided the additional round of Series D financing and joins the Series D funding leaders U.S. Venture Partners and Deerfield Management.
David Chung, president and CEO of NeoChord, says: “NeoChord is leveraging our extensive commercial experience in Europe with beating heart chordal replacement to further accelerate development of our transcatheter programmes. We look forward to partnering with the experienced team at Strategic Healthcare Investment Partners as we our increase our efforts to make catheter‐based technologies available to patients with mitral regurgitation.”
S.H.I.P. General Partner, Mudit K. Jain, comments: “Brad Vale and I established Strategic Healthcare Investment Partners with a focus to invest in medical technology companies that target large unmet clinical needs and have the potential to significantly impact human life. NeoChord is a pioneer in the field of beating heart chordal replacement therapy with an unmatched history of clinical experience. We are excited to be a part of the company’s growth and evolution toward advanced catheter‐based technology platforms to treat mitral regurgitation.”
A press release reports the NeoChord procedure is 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 allows for a truly minimally invasive procedure while the heart is beating and without the need for cardio‐pulmonary bypass or aortic cross‐clamping.
Concurrent with the recent financing, Mudit Jain will join NeoChord’s Board of Directors.