Norwegian CardioMech Raises $13M for Transcatheter Mitral Chordal Repair Technology

Trondheim, Norway-based CardioMech has closed $13 million of its heavily oversubscribed financing ($42 million to date), demonstrating investors’ expectations that chordal repair can be a first-line therapy for patients with degenerative mitral regurgitation and, more importantly for CardioMech, confidence that CardioMech can lead the market.

The CardioMech device is an artificial chord that is designed to reduce or eliminate regurgitation and to restore the native anatomy. This catheter-based therapy is intended to be a simple and straightforward procedure and an alternative therapy option for both patients eligible for open-heart surgery and those considered surgically ineligible. Therefore, the CardioMech device can potentially reduce the need for open-heart surgery and may lessen the need for watchful waiting in younger and healthier patients.

There is a significant need for a less invasive technology that can eliminate mitral regurgitation in younger and healthier patients, and CardioMech is developing a category-defining technology that can benefit mitral regurgitation patients worldwide,” said Jacob Bergsland, MD, founder of CardioMech.