Moray Medical Increases Financing for Development of Coral System

April 12, 2021—Moray Medical announced that it has closed a total of $5.7 million in seed funding that will be used to continue development of the company’s Coral system, an interventional robotics platform designed to simplify a wide range of minimally invasive cardiovascular interventions.

Initially, the company is focusing on transcatheter mitral valve repair (TMVR) with the Coral system, which is powered by microfluidics and an augmented reality digital user interface.

The total amount of funding is an increase of $2.4 million from the $3.3 million that the company announced on January 27. The lead investor is 415 Capital, which is joined by Heal Capital and medtech entrepreneurs such as Fred St. Goar, MD, the inventor of the MitralClip TMVR system (Abbott), noted the company’s announcement.

“There is no argument that transcatheter edge-to-edge repair, or clip therapy, is steadily evolving into the new clinical standard for heart valve repair,” commented Mark Barrish, CEO and Cofounder of Moray Medical. “However, the intricacy and learning curve required by currently marketed devices means that the overwhelming majority of sick patients are not receiving treatment.”

Mr. Barrish continued, “Our Coral platform is designed to empower interventionalists at all skill levels not only to carry out these procedures but also to do so in a cost-efficient manner, with the goal of making certain that millions of additional sick patients who cannot be currently treated will get the life-saving intervention they need.”