NeoChord Raises Financing to Support Transcatheter Program Development
April 23, 2019—NeoChord, Inc. announced that it has secured additional funding as an extension of its Series D equity financing, which was announced in November 2018. NeoChord has raised more than $32 million in equity in the past 12 months. Proceeds from the financing will be used to accelerate the development of the company’s transcatheter chordal repair and edge-to-edge programs.
According to the company, the NeoChord procedure is a beating-heart, echo-guided treatment option for patients with mitral valve regurgitation that is proven to resolve and restore normal mitral valve function. NeoChord’s technology allows for a minimally invasive procedure while the heart is beating and without the need for cardiopulmonary bypass or aortic cross-clamping.
NeoChord, a privately-held company founded in 2007, is focused on developing beating-heart mitral valve repair technology to treat patients with mitral valve regurgitation. The NeoChord artificial chordae delivery system received CE Mark approval in December 2012. In the United States, the NeoChord system is for investigational use only and is limited by Federal law to investigational use, noted the company.
Strategic Healthcare Investment Partners provided the additional round of Series D financing and joins the Series D funding leaders US Venture Partners and Deerfield Management.