CardioKinetix hauls in $44M in Series E

Menlo Park, CA-based CardioKinetix has raised $44 million in a two-tranche Series E financing led by new investors SV Life Sciences and New Leaf Venture Partners. Existing investors U.S. Venture Partners, J.P. Morgan Partners, H&Q Healthcare Investors and H&Q Life Sciences Investors also participated.

The company has developed a device called the Parachute, a partitioning membrane deployed within the left ventricle of the heart intended to treat patients with heart failure. It recently obtained the CE Mark, and the company is conducting clinical studies in Europe. The FDA has approved an IDE pivotal trial for the product based on the results from a feasibility study.

"This financing provides CardioKinetix the capital necessary to substantially progress the development of our PARACHUTE device, including conducting clinical studies to further support the initial commercialization of Parachute in Europe and a PMA submission to FDA," said Wes Johnson, president and CEO of CardioKinetix.

- see the CardioKinetix statement