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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 that it has completed a $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 programs. The Series D round is led by U.S. Venture Partners and co-led by Deerfield Management. Baird Capital is also continuing its strong insider support.
“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 programs,” said David Chung, President and Chief Executive Officer of NeoChord. “As the leader in chordal repair, we will continue our strong commercial presence internationally, while fast-tracking the development of our catheter-based programs. We look forward to partnering with U.S. Venture Partners as we execute our core R&D and commercial strategies.”
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. In standard mitral valve repair procedures, patients are placed on cardiopulmonary bypass: the heart is arrested while the mitral valve is exposed and repaired. NeoChord’s technology allows 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 OR, to precisely adjust the length of the newly placed chord and to reduce and eliminate mitral valve regurgitation all while the heart is beating.
“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,” said Casey Tansey, of U.S. Venture Partners. “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.
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 Further Information
More on the cardiac surgery and heart valve devices market in the US can be found in a series of reports published by iData entitled the US Market Report Suite for Cardiac Surgery and Heart Valve Devices. This report covers the following market segments: tissue heart valves, mechanical heart valves, annuloplasty repair devices, transcatheter mitral valve repair (TMVR) devices, transcatheter heart valve replacement (THVR) devices, on-pump coronary artery bypass (ONCAB) devices, off-pump coronary artery bypass (OPCAB) devices, endoscopic vessel harvesting (EVH) devices, anastomosis assist devices (AADs), transmyocardial revascularization (TMR) devices, ventricular assist devices (VADs), intra-aortic balloon pumps, temporary artificial heart replacement devices, extracorporeal membrane oxygenation (ECMO), remote hemodynamic monitoring, patent foramen ovale (PFO), atrial septal defect (ASD) devices, ventricular septal defect (VSD) devices and left atrial appendage (LAA) devices.
Reports provide a comprehensive analysis including units sold, procedure numbers, market value, forecasts, as well as detailed competitive market shares and analysis of major players’ success strategies in each market and segment. To find out more about cardiac surgery market data or procedure data, register online or email us at [email protected] for a US Market Report Suite for Cardiac Surgery and Heart Valve Devices brochure and synopsis.