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NeoChord Announces $25 Million Series D Financing to Accelerate Development of Two Transcatheter Chordal Repair Programs
ST. LOUIS PARK, Minn., Nov. 05, 2018 (GLOBE NEWSWIRE) -- NeoChord, Inc., a privately-held medical technology company leading the advancement of beating heart mitral valve repair in patients suffering from mitral valve regurgitation, announced today that it has completed a $25 million Series D equity financing. Proceeds from the financing will be used to accelerate the development of the company’s transcatheter chordal repair and edge to edge programs. The Series D round is led by U.S. Venture Partners and co-led by Deerfield Management. Baird Capital is also continuing its strong insider support.
“We are pleased to close the Series D financing to resource the acceleration of the on-going development of our transcatheter edge-to-edge and chordal repair programs,” said David Chung, President and Chief Executive Officer of NeoChord. “As the leader in chordal repair, we will continue our strong commercial presence internationally, while fast-tracking the development of our catheter-based programs. We look forward to partnering with U.S. Venture Partners as we execute our core R&D and commercial strategies.”
The NeoChord procedure is a beating heart, echo-guided treatment option for patients with mitral valve regurgitation and is proven to resolve and restore normal mitral valve function. In standard mitral valve repair procedures, patients are placed on cardiopulmonary bypass: the heart is arrested while the mitral valve is exposed and repaired. NeoChord’s technology allows for a truly minimally invasive procedure via a transapical incision on a beating heart without the need for cardio-pulmonary bypass or aortic cross-clamping. With the NeoChord procedure, the surgeon uses real-time feedback in the OR, to precisely adjust the length of the newly placed chord and to reduce and eliminate mitral valve regurgitation all while the heart is beating.
“NeoChord has established strong, clinical credibility with its current platform and has entrenched beating heart chordal repair as an important treatment option for the mitral toolbox,” said Casey Tansey, of U.S. Venture Partners. “We are confident in the team’s ability to leverage their robust commercial experience in chordal repair with the current device while driving the development of their two transcatheter repair programs. We look forward to the collaboration with NeoChord to further advance treatment options for patients suffering from mitral valve regurgitation.”
Concurrent with the recent financing, Casey Tansey will join NeoChord’s Board of Directors.
About NeoChord, Inc.
Founded in 2007, NeoChord is a privately held medical technology company leading the advancement of beating heart mitral valve repair in patients suffering from mitral valve regurgitation. The company’s flagship product, the NeoChord Artificial Chordae Delivery System received CE market clearance in December 2012. For more information, please visit the Company's website at www.neochord.com.
The NeoChord Artificial Chordae Delivery System, Model DS1000, meets the essential requirements referred to in Article 3 of the MDD 93/42/EEC and is labeled with the CE marking of conformity.
In the United States the NeoChord Artificial Chordae Delivery System, Model DS1000 is for Investigational Use Only and is limited by Federal (United States) law to Investigational use.
NEOCHORD, DS1000, RECHORD, NEOCHORD CONSULTCONNECT, ACCHORD, the stylized logos, and Transforming Mitral Valve Repair are registered trademarks or service marks of NeoChord, Inc. Copyright © 2018 NeoChord, Inc.
Bruce Van Deman
(952) 698-7812 or (949) 413-1301