CardioMech Financing Will Support Development of TMVR Technology

August 12, 2019–CardioMech AS, a privately held company headquartered in Norway, announced that it has closed on a convertible note financing of $5 million. The company is developing a transcatheter mitral valve repair technology to treat patients with severe, symptomatic, degenerative mitral regurgitation caused by prolapse or flail.

The financing included investments from experienced medtech investors and brings the total amount raised for CardioMech to $7.5 million in 2019. Proceeds from the raised funding will be used to further accelerate the development of its technology.

According to the company, the CardioMech device is designed to address prolapse and flail by restoring coaptation of the mitral leaflets with artificial chords. With a limited footprint, the device preserves the ability to use of future therapies. CardioMech's technology is in the early development phase and is not approved or cleared by the FDA or any other regulatory body in any region of the world, advised the company.