NeoChord Closes $3M Credit Facility with Square 1 Bank

NeoChord Inc., an Eden Prairie, Minn.-based developer of minimally invasive devices and procedures for mitral valve repair, closed on a $3m credit facility with Durham, NC-based Square 1 Bank.

This credit facility follows the March 2013 closing of the sale to investors of $3m of the company’s Series B-2 Preferred Stock.

The company intends to use the funds to achieve 3 goals:
(1) completion of enrollment in our TACT Registry;
(2) First-in-Man (FIM) procedures for its Edge-to-Edge mitral valve technology; and
(3) continued progress on development of its NeoNav imaging software.

Led by John Seaberg, CEO, and Ron Nelson, CFO, NeoChord focuses on advancing the treatment of mitral regurgitation. The company received CE marking in Dec. 2012 for the DS1000 device for minimally invasive mitral valve repair via surgical implantation of artificial chordae tendinae.



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