A Washington startup has raised $2.37 million by issuing a mix of debt and options, according to a regulatory filing.
Cardiac Dimensions has developed a minimally invasive implant delivered through a catheter to treat functional mitral regurgitation. Mitral regurgitation occurs when the mitral valve doesn’t close properly such that blood flows backward into the heart and not out to the rest of the body. There are two kinds of mitral regurgitation - primary and functional/secondary mitral regurgitation. In functional MR, the papillary muscles, chordae, and valve leaflets are usually normal.
Cardiac Dimensions' Carillon Mitral Contour System combines an implantable device with a percutaneous catheter delivery system. It is approved in Europe, and in March, the company announced that a clinical trial was completely enrolled with 30 patients having been implanted with the device in European medical centers. They will be evaluated for 12 months. Known as the TITAN II trial, it is the third European multi-center trial that Cardiac Dimensions has run.
Based on filings with the Securities and Exchange Commission, the current funding round appears to be following the pattern of the last few years where the company has raised smaller amounts of capital - $6.5 million in 2010 and $5.8 million in 2012. But back in 2007, the company raked in $35.5 million in a Series D funding round from investors like Johnson & Johnson, Lumira Capital, Mitsubishi UFJ Capital, West River Capital, Montgomery & Co. as well as existing investors Frazier Healthcare Ventures, Interwest Partners, MPM Capital and Polaris Venture Partners.
-- By Arundhati Parmar, Senior, Editor, MD+DI