CardioKinetix Inc., a Menlo Park, CA-based medical device company developing a catheter-based treatment for heart failure, completed the $23m second-tranche of its Series E financing.
This funding, which brings the total amount raised in the Series E round to $48m, will be used to further advance its programs to bring its Parachute therapy to the market.
Backers included new investors Panorama Capital and existing investors U.S. Venture Partners, JPMorgan Partners, New Leaf Venture Partners, SV Life Sciences, H&Q Healthcare Investors (NYSE: HQH), and H&Q Life Sciences Investors (NYSE: HQL).
Led by Maria Sainz, President and CEO, CardioKinetix is developing the catheter-based Parachute Ventricular Partitioning Device, a minimally invasive treatment for patients with heart failure caused by damage to the heart muscle following a heart attack. Through a small catheter inserted in the femoral artery, the Parachute implant is deployed in the left ventricle to partition the damaged muscle, excluding the non-functional heart segment from the healthy, functional segment to decrease the overall volume of the left ventricle and restore its geometry and function. This procedure is performed in the catheterization laboratory under conscious sedation.
The device has received CE Mark. In the U.S., the system is an investigational device limited by federal law to investigational use only and is not available for sale.
21/09/2011: CardioKinetix Raises $44M in Series E Financing