Norway-based medical device company CardioMech has secured $13m in a funding round to advance its transcatheter mitral valve chordal repair technology.

The heavily oversubscribed funding round attracted both existing and new investors, including an undisclosed strategic investor.

This brings the total funding raised by CardioMech to $42m.

The company said that its transcatheter mitral valve chordal repair technology has the potential to become a first-line therapy for degenerative mitral regurgitation.

CardioMech founder Jacob Bergsland said: “There is a significant need for a less-invasive technology that can eliminate mitral regurgitation in younger and healthier patients and Norwegian-born CardioMech is developing a category-defining technology that may benefit patients suffering from mitral regurgitation around the world.”

The transcatheter device, an artificial chord, is designed to cut down or eliminate regurgitation by restoring the native anatomy of the heart valve.  

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By GlobalData

This catheter-based therapy offers a more straightforward procedure compared to traditional open-heart surgery.

Mitral regurgitation is a significant cardiovascular disease characterised by the backward flow of blood across the mitral valve. It can have severe consequences if left untreated.

CardioMech’s device is designed to address this issue, potentially reducing the need for open-heart surgery and providing an alternative for patients who require more immediate intervention.

CardioMech president, CEO and chairman of the board Rick Nehm said: “I am thrilled to continue building on a successful long-term collaboration with our existing investors in the development of this technology, as well as to partner with new individual investors that truly believe in this team and this technology.

“We are working together to achieve our objective to significantly improve the standard of care for the millions of patients suffering from degenerative mitral regurgitation.”

In 2020, CardioMech concluded an $18.5m Series A financing round for its mitral valve repair technology.