Rick Nehm

CardioMech has closed on a convertible note financing of $5 million, which it says was significantly oversubscribed. The note included investments from experienced MedTech investors and brings the total amount raised for CardioMech to $7.5 million in 2019. Proceeds from the raised funding will be used to further accelerate the development of its transcatheter mitral valve repair technology. 

CardioMech is a privately-held company that is developing a transcatheter mitral valve repair technology to treat patients with severe, symptomatic degenerative mitral regurgitation due to prolapse or flail. The technology is not approved for any market.

Rick Nehm, president and CEO of CardioMech, comments: “Investors are enthusiastically supporting our catheter-based, beating-heart chordal repair technology because it is highly differentiated and designed to allow physicians to address a large market with a clear unmet clinical need.”

Jacob Bergsland, co-founder and chief medical officer of CardioMech, says: “Mitral regurgitation is the most common cardiac valvular anomaly and affects millions of people worldwide. The CardioMech device is designed to address prolapse and flail by restoring coaptation of the mitral leaflets with artificial chords,” said “Chordal repair may likely become the front line therapy for patients with mitral regurgitation as, with its limited footprint, it preserves the use of future therapies.”