4C Medical Technologies Announces Completion of a $10 Million Over-Subscribed Convertible Note Financing
MINNEAPOLIS, Dec. 22, 2020 /PRNewswire/ -- 4C Medical Technologies, Inc. (4C Medical), a privately-held medical technology company focused on the development of minimally invasive technologies for structural heart disease, today announced it has completed an over-subscribed convertible note financing in which it has raised $10 million in gross proceeds. The financing was led by a China-based venture firm. 4C Medical intends to use the net proceeds from the financing to continue the development of its AltaValve™ transcatheter mitral valve replacement (TMVR) device as well as a fully recapturable and retrievable transseptal delivery system that is planned to be introduced in the company's ongoing early feasibility study (EFS) in multiple geographies world-wide. The fully recapturable and retrievable feature, combined with the transseptal approach, is intended to increase the safety of the procedure, making it more appealing to a broader number of physicians and patients.
"We believe the AltaValve transcatheter mitral valve replacement technology, with its unique design residing above the native mitral valve, has potential to be applicable to a broader patient population as compared to other TMVR devices. The addition of our newest China-based investor reflects 4C Medical's commitment to bring AltaValve to the largest medical device markets in the world," said Mr. Robert Thatcher, CEO of 4C Medical.
Mr. JC Sun, the founder of JCS Consulting, LLC served as the Company's strategic business advisor in connection with the offering of the convertible notes in Asia.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States unless registered under the U.S. Securities Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.
About 4C Medical Technologies, Inc.
4C Medical is a medical device company developing minimally invasive therapies for structural heart disease, focusing initially on mitral regurgitation (MR) therapy and subsequently on tricuspid regurgitation (TR) therapy. The company's implant device candidate is the first MR therapy with supra-annular positioning and atrial-only fixation. It is designed to preserve the native mitral valve and left ventricle, eliminating all the known issues associated with transcatheter mitral valve replacement technologies in development today, which rely on placement and fixation in the native mitral annulus and left ventricle.
For additional information about 4C Medical, please visit its website at www.4CMed.com.
4C Medical Technologies, Inc.
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SOURCE 4C Medical Technologies, Inc.