American medical device company CardioMech has concluded its $18.5m Series A financing round for its transcatheter mitral valve repair technology.

The round was led by a non-disclosed strategic investor with participation from healthcare specialist investor Hadean Ventures and Investinor.

Proceeds from the round will be used to support the first-in-human feasibility trial of the company’s mitral valve repair technology.

CardioMech is developing a catheter-based mitral valve repair technology as an alternative to open-heart cardiac surgery.

The company claims that this technology can minimise or eliminate mitral regurgitation by placing its artificial chord(s) in the heart through a catheter, without opening the chest, stopping the heart, or going on heart-lung bypass.

CardioMech president and CEO Rick Nehm said: “I am thrilled to partner with our strategic investor, Hadean and Investinor, leading global players in the development of medical device technologies.

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“Together we will pursue and achieve our objective to significantly improve the standard of care for patients suffering from mitral regurgitation.”

Mitral regurgitation is considered to be the third most common cardiovascular disease. The condition causes a backward flow of blood across the mitral valve when mitral valve leaflets do not close properly.

At present, mitral regurgitation treatments are said to be a $4bn market, which is considerably larger than the market for transcatheter aortic valve replacement (TAVR).

Hadean Ventures managing partner Ingrid Akay said: “We are very excited to join a key strategic investor to fund CardioMech to its feasibility study, not only because we see it as the most promising technology in the mitral market, but also because of its potential to have a significant and meaningful impact on so many patients suffering from mitral regurgitation around the world.”