Tioga Medical Closes Series B Financing to Support Development of Transcatheter Valve Replacement Technology

July 7, 2021—Tioga Medical, Inc., a privately held portfolio company of Shifamed LLC, announced the initial closing of its committed $30 million Series B financing. Tioga Medical is developing valve replacement technology for mitral and tricuspid applications.

According to the company, the funds will be used to advance product development, support preclinical testing, and initiate clinical experience for the company’s transcatheter valve replacement technology. Tioga Medical’s initial focus is mitral valve disease.

“We are extremely pleased to close this round of financing with strong, continued support from our investors, validating the clear unmet need in this space,” commented Mike Dineen, President and Chief Executive Officer of Tioga Medical, in the company’s press release. “We look forward to furthering our development efforts and demonstrating the performance of Tioga’s next-generation design to simplify and improve the safety and efficacy of transcatheter valve replacement procedures for both physicians and patients.”

The financing was led by The Capital Partnership (TCP), with participation from Cormorant Asset Management, AMED Ventures, and Shifamed angel investors.

Gautam Kainth, Managing Director at TCP, stated in the announcement, “Current valve replacement approaches are either surgically invasive, anatomically limited, or procedurally complex, hindering use despite the significant clinical need. Tioga’s proprietary technology aims to address these challenges with a less invasive, more adaptable transcatheter intervention. We are pleased to lead this round and look forward to delivering this much-needed solution to this large and underserved segment of the structural heart market.”