Tioga Medical—a newly formed Shifamed portfolio company—has announced the closing of its series A preferred stock financing, raising a total of US$15M. According to a press release, Tioga Medical was founded to provide physicians and patients with an elegant transcatheter valve implantation (TAVI) experience that is procedurally simpler and less invasive than current mitral or tricuspid approaches—many of which require transapical access, intricate device sizing regimens, and/or excessive bulk in the ventricles. The financing was led by The Capital Partnership (TCP), with significant participation from Cormorant Healthcare Fund, AMED Ventures, and Shangbay Capital. The funds will be used to advance Tioga Medical’s pre-clinical and clinical development programs.
Mike Dineen, president and CEO of Tioga Medical, comments: “We are extremely pleased to close this round of financing with such strong support from our investors. This round allows us to build out a world class team and dramatically accelerate the progress of our novel mitral valve and delivery system before we leverage the technology for the tricuspid application.”
Casey Gordon, head of private investments at TCP, states: “The proprietary Tioga technology represents a truly innovative solution to a difficult clinical problem in the structural heart space. TCP is excited to partner with a team with a strong track record of innovative medtech solutions. We believe this combination positions Tioga as an important, up-and-coming player in the mitral and tricuspid valve markets.”