OSLO–(BUSINESS WIRE)–CardioMech AS announced today that it has closed on a convertible note financing of $2.5 million, which was significantly oversubscribed. The note included investments from experienced angel investors in interventional cardiology and structural heart disease.
“This financing milestone demonstrates the rapid acceleration of the development of CardioMech’s transcatheter mitral valve repair technology. We have already begun testing prototypes of our highly differentiated device, and we are moving onto the path toward the goal of significantly improving the standard of care for patients suffering from mitral valve disease,” said Rick Nehm, President and CEO of CardioMech.
“There are millions of patients who suffer from a leaky mitral valve due to prolapse or flail, and most are not eligible for cardiac surgery,” added Nehm. “This cash infusion will empower us to expedite development of our catheter-based technology. Our goal is to provide physicians with the right tool to treat these very sick patients — without the risksassociated with open-heart surgery, which includes cardiac arrest and the heart-lung bypass pump,” said Nehm.
“Transcatheter mitral valve chordal repair is an attractive market segment, and we intend to lead it. The CardioMech device is designed to be highly differentiated from competing technologies, and this fundraising milestone is evidence of investors’ confidence in the significant market opportunity. We are eager to support the company and help bring its remarkable technology to market,” added Mark Novotny, Chairman of the Board of Directors for CardioMech.
About CardioMech AS
Headquartered in Oslo, Norway, CardioMech AS is a privately held company that is developing a transcatheter alternative to cardiac surgery for the placement of artificial chords for the mitral heart valve.
Caution: The CardioMech device is in the early R&D development phase and is NOT available for sale in any region of the world.
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