Funding Will Support Development of 4C Medical's Transcatheter Technology for Mitral Regurgitation
July 19, 2017—4C Medical Technologies, Inc., a Minnesota-based company focused on the development of minimally invasive therapies for structural heart disease, announced funding to support the continued development of its transcatheter technology for the treatment of mitral regurgitation. The device is designed to preserve the native mitral valve and left ventricle using a supra-annular, atrial-only fixation technology.
The company stated that this financing will be used to finalize the design of the technology, which will be evaluated in a planned early feasibility study in the United States, and possibly Japan, to achieve first-in-human implants.
The gross proceeds of approximately $9 million were raised via a private placement of unsecured convertible promissory notes. The financing was led by an investment of $3.5 million by Anges Québec, the largest angel network in Canada.