CardioMech, a medical technology company based in Trondheim, Norway but operating in Fridley, MN, recently raised $13 million in funding, adding to a total of $42 million raised overall. They specialize in creating a unique technology focused on fixing a specific heart valve issue called Degenerative Mitral Regurgitation. Their approach involves using a special device to repair the valve, potentially offering a less invasive option compared to traditional open-heart surgery. CardioMech received strong financial support from existing and new investors, including a non-disclosed strategic investor. This new funding will be used to further develop their technology, conduct more research, and potentially bring their solution to a larger market.
The CardioMech device is an artificial chord that is designed to reduce or eliminate regurgitation and to restore the native anatomy. This catheter-based therapy is intended to be a simple and straightforward procedure and an alternative therapy option for both patients eligible for open-heart surgery and those considered surgically ineligible. Therefore, the CardioMech device can potentially reduce the need for open-heart surgery and may lessen the need for watchful waiting in younger and healthier patients.
Mitral Regurgitation is the third most common cardiovascular disease that occurs when there is backward flow of blood across the mitral valve. It is highly prevalent, debilitating for patients, and deadly if untreated. The market is expected to be larger than the TAVR market, currently a $6B market.
“I am thrilled to continue building on a successful long-term collaboration with our existing investors in the development of this technology, as well as to partner with new individual investors that truly believe in this team and this technology,” said Rick Nehm, President, CEO and Chairman of the Board of CardioMech. “We are working together to achieve our objective to significantly improve the standard of care for the millions of patients suffering from degenerative mitral regurgitation.”
“There is a significant need for a less-invasive technology that can eliminate mitral regurgitation in younger and healthier patients and Norwegian- born CardioMech is developing a category-defining technology that may benefit patients suffering from mitral regurgitation around the world,” said Jacob Bergsland, MD, Founder of CardioMech. “CardioMech has the right technology, the right team, the right partners in the right market and we are excited to develop this profound technology.”
