Cardiac Dimensions® Completes $43M Equity Financing
$15.2 Million Infusion from International Investors Rounds Out Financing; Funds Will Support Landmark Trial, Expand Commercial Operations
(KIRKLAND, WA), March 11, 2015—Cardiac Dimensions today announced the addition of $15.2 million to its previously announced financing. Life Sciences Partners, one of Europe’s largest and most experienced healthcare investment firms, and Aperture Venture Partners, a venture capital firm based in New York with deep experience in healthcare investing, join the current international syndicate of institutional investors from Canada, Australia and the U.S., including Lumira Capital, M.H. Carnegie & Co., and Arboretum Ventures. With this latest investment, the aggregate amount raised in the round is $43 million.
The proceeds will be used to support the company’s REDUCE FMR clinical trial. REDUCE FMR is the first blinded, randomized clinical trial of a percutaneous mitral repair device in patients with functional mitral regurgitation (FMR). Involving up to 20 leading hospitals in Europe and Australia, REDUCE FMR is being initiated with the objective to establish Carillon as the gold standard therapy in the treatment of FMR. The proceeds will also be used to expand the company’s research and development projects and its commercial operations.
“Coming from such a broad and experienced group of international investors, this investment represents an important endorsement of our technology and our team,” said Rick Stewart, Chief Executive Officer. “With REDUCE FMR on the verge of enrolling patients and a significant increase in our commercial activity, the completion of this financing allows us to aggressively pursue our goal to redefine the treatment of FMR for the benefit of the millions who suffer from its deleterious effects. Our investor syndicate is perfectly suited to partner with us in the execution of our clinical, commercial and geographical ambitions.”
An innovative, minimally-invasive therapy, the Carillon system is designed to treat heart failure patients suffering from FMR, a condition in which blood flow to the body is reduced due to an abnormally enlarged mitral valve. An estimated 70 percent of the 20 million people worldwide with heart failure suffer from FMR.
About Carillon Mitral Contour System®
Cardiac Dimensions’ Carillon Mitral Contour System combines a proprietary, implantable device with a percutaneous catheter delivery system. The implantable device consists of a proximal anchor and a distal anchor connected by a shaping ribbon. Utilizing the heart’s natural structures, the device is intended to reduce mitral annulus dilatation upon deployment, thereby significantly reducing functional mitral regurgitation (FMR). Rapidly delivered via the venous vasculature, Carillon has the potential to treat most heart failure patients in a minimally invasive fashion. Clinical data suggests that usage is associated with significant reduction in FMR, and significant improvement in functional capacity and quality of life.
About Functional Mitral Regurgitation
More than 20 million people worldwide have heart failure, most of whom also suffer from functional mitral regurgitation (FMR). FMR typically results from the dilation of the left ventricle, which is the main pumping chamber in the heart. As the left ventricle increases in size, the mitral valve also expands. This dimensional increase leads to mitral regurgitation, which significantly reduces the amount of blood flow out of the left ventricle and on to the body and its organs. FMR has been associated with high rates of mortality, reduced functional capacity, poor quality of life and an increase in patient hospitalizations. Current mainstream therapies to address FMR are limited. A majority of patients become refractory to medical therapy, which is the current standard of care and traditional surgical intervention is associated with high rates of operative morbidity and mortality.
About Cardiac Dimensions
Cardiac Dimensions is a leader in the development of innovative, minimally invasive treatment modalities to address heart failure and related cardiovascular conditions. The company’s initial technology platform, the Carillon Mitral Contour System has been designed to address functional mitral regurgitation, utilizing a novel percutaneous approach. Cardiac Dimensions has operations in Kirkland, Washington; Sydney, Australia and Frankfurt, Germany. For more information, visit the company’s web site: https://cardiacdimensions.com.
Cardiac Dimensions, Carillon and Mitral Contour System are registered trademarks of Cardiac Dimensions.