CardiAQ Valve Tech Inks $37.3M Series B

CardiAQ Valve Technologies Inc , a privately held medical device company developing technologies for percutaneous mitral heart valve replacement announced today that it received $37 3 million in funding in its second round of equity financing OrbiMed led the round and was joined by Versant Ventures Advent Life Sciences and existing investors The funding which incorporates conversion of a 2011 bridge financing will be used to further validate the Company’s TMVI technology and is expected to carry the Company through its feasibility and CE mark clinical trials Concurrent with the financing David Bonita M D , and Vince Burgess have joined the board of directors representing OrbiMed

We have made significant progress in the development of our core technologies as well as in our clinical program said Arshad Quadri M D , Founder Chairman and Chief Medical Officer of CardiAQ This additional capital from very substantial venture funds will enable us to continue our strategy of leadership in the development of transcatheter mitral valve implantation systems ”

The dynamic nature of the mitral anatomy combined with the challenges of percutaneous access make true Transcatheter Mitral Valve Implantation one of the most technically demanding device development endeavors of my career said Rob Michiels CEO and while it has taken more than three years to get to this point we are gratified that with the recently performed First-In-Human case we now have true proof of concept regarding Dr Quadri’s TMVI technology ”

Market research suggests that CardiAQ’s approach will be applicable to a wide range of patients suffering from mitral valve disease who require definitive treatment but who are not good candidates for open heart surgery Given the level of unmet clinical need there is no doubt that CardiAQ has the potential to become a standalone player in the mitral space added Brent Ratz President COO and Co-Founder

About CardiAQ Valve Technologies
Privately held CardiAQ headquartered in Irvine Calif , has developed a proprietary system for Transcatheter Mitral Valve Implantation TMVI Through the combination of a unique anchoring mechanism and a novel delivery catheter physicians will be able to accurately and securely implant a new mitral valve within a beating heart thus avoiding open-heart surgery The CardiAQ procedure is designed to be performed in a cardiac catheterization laboratory or hybrid operating room Ultimately it will be similar to the Transcatheter Aortic Valve Implantation TAVI procedure resulting in less trauma to the patient and substantial potential cost-savings to the healthcare system a href=”http://www CardiAQ com target=”_blank”>www CardiAQ com