DC Devices is developing the first technology that can treat diastolic heart failure without the need for invasive surgery, and the startup has snagged $10.7 million in venture financing.
Venture stalwarts Lumira Capital, Third Rock Ventures and General Catalyst pitched in for the round, and DC will use the money to fund a European pilot trial for the InterAtrial Shunt Device. The tech is a minimally invasive trans-catheter heart implant, inserted into the atrial septum to reduce pressure, the main cause of diastolic heart failure.
The Massachusetts-based DC has raised $23 million to date, and the company already completed first-in-man safety studies on the device. CEO George Fazio said DC is ready to accelerate forward with its treatment for a large unmet need.
"We expect to make rapid advances this year, as we work toward our goal of developing a new, minimally-invasive and permanent device for the treatment of (diastolic heart failure) that is designed to be cost-effective, and could dramatically improve patients' quality of life while significantly reducing hospitalization costs," Fazio said in a statement.
The latest funding also brings Lumira's Gerry Brunk to DC's board of directors, joining Third Rock's Mark Levin, General Catalyst's Hemant Taneja and SV Life Sciences' Paul LaViolette.
Brunk said DC's device fills a considerable gap in the market, as heart failure is an expensive ailment with a mortality rate that rivals that of cancer.
"With heart failure representing the single largest cause of hospitalizations in many countries, and the largest cost line item in the U.S. Medicare budget, new therapies are desperately needed," Brunk said. "We're very excited to support the DC Devices team in its effort to bring a potentially transformative new therapy to patients."
- here's DC's regulatory filing
- read the company's announcement