Cardiac Dimensions, a privately held medical device company focused on mitral valve repair, raised $20 million in a new round of private equity financing to support expansion in European and Austrailain markets.
The investment group includes M.H. Carnegie and Co., Lumira Capital, and other undisclosed U.S., Canadian and Australian investors, the company said in a release. In addition to the commercial expansion, proceeds from the financing will be used to initiate "multi-national, blinded, randomized clinical trials" in 20 hospitals. With the cash infusion, Cardiac Dimensions said it will also broaden its presence in Germany and open a facility in Australia.
"This financing will support expanded global operations thoughout Asia Pacific and Europe, as well as support our goal to rapidly expand our commercial, R&D and clinical activities," said CEO Rick Stewart.
The Kirkland, WA, based company produces the Carillon Mitral Contour System used to treat patients with functional mitral regurgitation, which is when the heart's mitral valve doesn't close completely and leaks blood back into the left atrium. According to industry statistics, more than 2.5 million people in the U.S. alone suffer from either moderate or severe functional mitral regurgitation. The mitral valve repair market is estimated to be $1 billion, which accounts for the number of players looking to tap into it.
Earlier this year, Cardiac Dimensions received regulatory approval in Germany for use of the Carillon system in 120 hospitals. The company hopes to get FDA approval for use in the U.S. in the future.
Other players in the mitral valve device arena include Abbott ($ABT), Medtronic ($MDT), Edwards Lifesciences ($EW) and Tendyne.
Tendyne recently received a $25 million boost of financing, and last month Edwards Lifesciences reported initial success with the first three human implants of its Fortis heart valve at a London hospital.
- read the release