Tioga Cardiovascular Closes Financing to Advance TMVR Technology

February 9, 2023—Tioga Cardiovascular, a Shifamed portfolio company focused on structural heart valve replacement, announced the first closing of its $30 million Series C financing. The financing will be used to continue product development, support preclinical testing, and initiate first-in-human use for the company’s transseptal mitral valve replacement (TMVR) technology.

The financing was led by Cormorant Asset Management, with significant participation from The Capital Partnership, AMED Ventures, the PA MedTech VC Fund, and Shifamed angel investors.

“Transcatheter mitral valve replacement is still in its infancy and is becoming an important therapeutic alternative for our patients with severe mitral regurgitation,” commented Azeem Latib, MD, in the company’s press release. “Tioga’s approach has the potential to address significant unmet clinical needs in TMVR, namely smaller delivery system size, transseptal delivery, less left ventricular outflow tract obstruction, and procedural simplicity.”

Dr. Latib, who is Director of Interventional Cardiology at Montefiore Medical Center in New York, New York, continued, “I look forward to working with the company as they move into first in human use later this year.”

Bihua Chen, Founder and Chief Executive Officer, Cormorant Asset Management, stated in the press release, “Despite innovations in structural heart technologies, advancements in treatment options for mitral regurgitation remain limited and there is a need for a low-profile device that is easier to deliver and does not interfere with the anatomy once implanted. Tioga has developed an elegant, highly differentiated solution for this underserved and growing segment of the structural heart market. We are pleased to lead this round as we see a significant opportunity to simplify and improve the safety and efficacy of TMVR procedures.”

Mike Dineen, President and Chief Executive Officer, Tioga Cardiovascular, added, “Tioga is committed to providing physicians and patients with a next-generation transcatheter intervention that is less invasive, more adaptable and streamlines procedural workflows. We are proud of the incredible work our team has accomplished and are grateful for the strong, continued support from our investors as we continue to advance our mission.”