Mitralign, Inc., a cardiac device company leading the way in percutaneous mitral valve repair, today announced the closing of a $35 million Series D round of funding. The round was led by Forbion Capital Partners, a founding venture capital investor. All current investors participated in the round, including: Saints Venture Capital, Oxford Bioscience Partners, Triathlon Medical Ventures, Medtronic Corporation, Johnson & Johnson Development Corporation, Orchestra Medical Ventures, Oakwood Medical Investors, Palisade Capital Management, LLC, and Giza Venture Capital. Mitralign is currently conducting clinical studies to evaluate its innovative catheter-based mitral valve repair technology for first-line percutaneous and trans-apical treatment of Functional Mitral Regurgitation (FMR).
“Mitralign has developed the only percutaneous direct annuloplasty approach to address the substantial market opportunity for Percutaneous Mitral Valve Repair (PMVR), treating Functional Mitral Regurgitation (FMR) by transcatheter means,” said Martien van Osch, Managing Partner and CFO at Forbion Capital Partners. “The number of patients with FMR is an order of magnitude larger than the pool of patients with Aortic Stenosis, many of which are currently treated with Transcatheter Aortic Valve Replacement (TAVI). Similar to TAVI, we look forward to a PMVR market that will be well in excess of USD $1 Billion.”
“Our team has developed a system to repair a dilated and incompetent mitral valve by reducing the size of the valve, thereby moving the leaflets closer together,” said Rick Geoffrion, Mitralign CEO. “After the procedure, we keep all future clinical options on the table. That advantage makes Mitralign suitable for first-line therapy. Our procedure also has the potential to be customized according to the specific condition and anatomy of the patient, to optimize outcomes.”
“Proceeds from the Series D financing will support completing the CE Mark study, securing the CE Mark, and initiating sales in the EU,” added Mr. Geoffrion.
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