Neochord Raises $5 Million, Seeks $11 Million for Mitral Regurgitation Treatment
Published: Aug 03, 2011
The market for cardiac surgery devices was valued at $2 billion in 2010. That includes surgery related to heart valve problems that require mitral valve repair to treat patients who suffer mitral regurgitation. One Minnesota company wants to take a portion of the mitral valve repair market by commercializing a minimally invasive cardiac surgery device for patients whose mitral valves have ruptured or become elongated. NeoChord recently raised $5 million and is seeking another $6 million, according to a recent regulatory filing. Based on an earlier interview with MedCity News, it appears the money will be used to gain European approval and pay for the U.S. application for an investigational device exemption and the subsequent pivotal trial.