CardioMech Raises $13M in Heavily Oversubscribed Round
Norway-based CardioMech AS, a medical device company developing a transfemoral, transseptally delivered mitral valve chordal repair technology in Fridley, MN, announced it has closed on $13M in fresh capital ($42M to-date). CardioMech received strong financial support from existing and new investors, including a non-disclosed strategic investor.
The CardioMech device is an artificial chord that is designed to reduce or eliminate regurgitation and to restore the native anatomy. This catheter-based therapy is intended to be a simple and straightforward procedure and an alternative therapy option for both patients eligible for open-heart surgery and those considered surgically ineligible. Therefore, the CardioMech device can potentially reduce the need for open-heart surgery and may lessen the need for watchful waiting in younger and healthier patients.