ST. LOUIS PARK, Minn., April 23, 2019 (GLOBE NEWSWIRE) — NeoChord, Inc., a privately-held medical technology company leading the advancement of beating heart mitral valve repair in patients suffering from mitral valve regurgitation, announced today 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. Proceeds from the financing will be used to accelerate the development of the company’s transcatheter chordal repair and edge to edge programs. 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.
“NeoCord is leveraging our extensive commercial experience in Europe with beating heart chordal replacement to further accelerate development of our transcatheter programs,” said David Chung, President and Chief Executive Officer of NeoChord. “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.”
“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,” said S.H.I.P. General Partner, Mudit K. Jain, PhD. “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.”
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.
About NeoChord, Inc.
Founded in 2007, NeoChord is a privately held medical technology company leading the advancement of beating heart mitral valve repair in patients suffering from mitral valve regurgitation. The company’s flagship product, the NeoChord Artificial Chordae Delivery System received CE market clearance in December 2012. For more information, please visit the Company’s website at www.neochord.com.
The NeoChord Artificial Chordae Delivery System, Model DS1000, meets the essential requirements referred to in Article 3 of the MDD 93/42/EEC and is labeled with the CE marking of conformity.
In the United States the NeoChord Artificial Chordae Delivery System, Model DS1000 is for Investigational Use Only and is limited by Federal (United States) law to Investigational use.
NEOCHORD, DS1000, RECHORD, NEOCHORD CONSULTCONNECT, ACCHORD, ULTRACHORD, the stylized logos, and Transforming Mitral Valve Repair are registered trademarks or service marks of NeoChord, Inc. Copyright © 2019 NeoChord, Inc.
Contact
Bruce Van Deman
NeoChord, Inc.
(952) 698-7812 or (949) 413-1301
bvandeman@neochord.com
