Cardiac Dimensions Announces $39 Million Series B Financing for Innovative Device to Treat Patients with Heart Failure
Funds to be Used for Clinical Studies and Commercial Expansion in the European Union and Australia
KIRKLAND, WA – April 26, 2018 – Cardiac Dimensions, a leader in the development of innovative, minimally invasive treatments for patients with heart failure, today announced the company has closed a $39 million Series B financing. The round includes new investor, Australia-based Hostplus, venture debt from Oxford Finance LLC, as well as support from existing investors M. H. Carnegie & Co., Arboretum Ventures, Lumira Capital, LSP Health Economics Fund and Aperture Venture Partners.
The financing will be used to continue to build clinical evidence for Cardiac Dimensions’ Carillon Mitral Contour System® for the treatment of functional mitral regurgitation (FMR) in patients with heart failure, including continuing The CARILLON Trial U.S. pivotal study and completing the follow-up and publication of the landmark randomized, double-blinded REDUCE FMR global study.
The Carillon System is designed to offer physicians a safe and easy-to-use option to treat patients earlier in their disease diagnosis, including those with lesser degrees of FMR (2+ MR grade), to slow disease progression, and stabilize or improve quality of life.
“Our clinical data and commercial experience suggest that the Carillon System offers a treatment option that addresses the underlying mechanical problem of FMR with a catheter-based alternative to medications and invasive surgery. This funding will provide the resources to complete and publish the landmark REDUCE FMR trial, continue to support enrollment in The CARILLON pivotal trial here in the U.S., and enhance our presence throughout world markets,” said Gregory D. Casciaro, president and CEO of Cardiac Dimensions. “We welcome our newest investors to the team and are grateful to our returning investors for their continued support.”
Functional mitral regurgitation affects approximately seven million people in the United States, and occurs when the left ventricle of the heart is enlarged, dilating (stretching) the valve opening (annulus) and causing a backward flow of blood into the atrium. Left untreated, FMR contributes to heart failure – a chronic, progressive condition that weakens the heart and makes everyday activities difficult. The primary therapy for patients with this disease is to treat them with medical management.
“Hundreds of thousands of people around the world, and an estimated 50,000 Australians, have heart failure and FMR, and could benefit from treatment with the Carillon System,” said David Elia, chief executive officer of Hostplus. “We are excited to work with Cardiac Dimensions to expand access to the Carillon System to patients in need, not only here in Australia, but across the globe.”
Hostplus is the national superannuation fund for those that live and love Australian hospitality, tourism, recreation and sport. The Australian Hotels Association and United Voice jointly established the fund in 1987. Hostplus is one of the largest in the country with over one million members, 170,000 employers and $30 billion in funds under management.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $4 billion in loans, with lines of credit ranging from $5 million to $100 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in San Diego, California; Palo Alto, California; and the greater Boston and New York City areas. For more information, visit oxfordfinance.com.
About the Carillon Mitral Contour System
The Carillon Mitral Contour System is an innovative minimally invasive treatment for people diagnosed with FMR. The Carillon System is designed to offer physicians a safe and easy-to-use option to treat patients earlier in their disease diagnosis, including those with lesser degrees of FMR (2+ MR grade), to slow disease progression, and stabilize or improve quality of life. The Carillon System treats the dilated mitral annulus, the underlying mechanical problem of FMR, with a catheter-based alternative to medications and invasive surgery. Unlike other mitral regurgitation therapies, the Carillon System replicates traditional surgical standards through a simple, minimally invasive approach that offers patients annular reduction, while keeping adjunctive therapy options open.
To date, more than 850 patients worldwide have been treated with the Carillon System. The Carillon System has CE Mark and is available in certain European markets as well as other key geographies including Turkey, The Netherlands and Italy. Clinical data from three completed international studies of the Carillon System (AMADEUS, TITAN, and TITAN II) have demonstrated the perfromance of the device. In addition, the company is completing the follow up period of the landmark REDUCE FMR Trial – the first randomized, blinded evaluation of a therapy for FMR. The results of the REDUCE FMR trial are expected before the end of 2018. Additionally, The CARILLON Trial, the company‘s U.S. pivotal study, is currently enrolling participants.
About Cardiac Dimensions
Cardiac Dimensions is the leader in innovative, minimally invasive treatment modalities addressing the heart failure patient population. Left untreated, FMR contributes to heart failure – a chronic, progressive condition that weakens the heart and makes everyday activities difficult. The Carillon System addresses the underlying mechanical problem of FMR with a catheter-based alternative to medications and invasive surgery. Cardiac Dimensions has operations in Kirkland, Sydney, and Frankfurt, Germany.
The Carillon Mitral Contour System is limited to investigational use in the U.S. For more information, please visit www.cardiacdimensions.com.
Cardiac Dimensions, Carillon and Mitral Contour System are registered trademarks of Cardiac Dimensions.