Cardiac Dimensions has secured $17.5m in Series C financing round to accelerate the commercial sales of its Carillon Mitral Contour System in Europe.

The company will also use the funds to enter new markets such as Australia.

The latest round was joined by all existing shareholders of the company, including Aperture Venture Partners, Arboretum Ventures, Hostplus, Life Sciences Partners, Lumira Ventures, and M H Carnegie & Co.

Cardiac Dimensions develops minimally invasive treatments for functional mitral regurgitation (FMR) in patients with heart failure.

The company’s Carillon System is designed to reshape the anatomy and function of the mitral apparatus from the coronary sinus. It is developed to treat the major cause of FMR in patients with MR grades 2+, 3+ and 4+.

Earlier this month, Cardiac Dimensions received approval from Australia’s Therapeutic Goods Administration for the Carillon System for commercial use in FMR patients with mild to severe mitral regurgitation. The system was granted CE Mark in 2011.

Cardiac Dimensions CEO and president Rick Wypych said: “The Carillon System is a transformative product, which has shown great success in helping an extremely large patient population with very few options.

“The new round of financing will allow for continued growth of sales in Europe and provide capital for our expansion efforts into other geographies such as Australia. We thank our investors for their continued support as our business shows excellent results despite the challenging environment.”

It is estimated that 26 million people suffer from heart failure globally while nearly 70% of them have FMR.

H Carnegie & Co spokesperson Trevor Moody said: “We’re excited to support the expansion of sales of the Carillon System.

“Cardiac Dimensions’ innovative efforts and dedication to expanding access to the Carillon System will soon allow people worldwide to benefit from this therapeutic innovation.”