CardioMech AS (“CardioMech”) announced that the company successfully raised $13 Million in capital in addition to the $18.5 Million Series A financing in 2020 bringing total funding to $42 Million.
CardioMech is a clinical-stage medical technology company based out of Norway that is developing a catheter-based therapy device for treating mitral regurgitation. According to the Mayo Clinic and American Heart Association, mitral regurgitation is the most common type of heart valve disease that occurs when the flaps of the mitral valve do not close properly, causing backward flow of blood back to the heart. CardioMech describes its investigational device as an artificial chord that is designed to reduce or eliminate regurgitation and to restore the native anatomy. The artificial chord extends between a flap of the mitral valve and a wall of the left ventricle. An image of the investigational device from CardioMech’s website is shown below:
Jacob Bergsland, Founder of CardioMech, stated that:
According to Allied Market Research, the market to treat mitral regurgitation has increased from $2.5 Billion in 2021 and is expected to reach $5.7 Billion by 2031 growing at a CAGR of 8.8% from 2022 to 2031.
The full press release from CardioMech is available here.
