NeoChord, a Eden Prairie, Minnesota-based medical technology company, closed a $20m Series C financing round.
The round was led by Deerfield Management, with participation from Baird Capital’s Venture Capital group, and existing investors Hopen Life Science Ventures, CHV Capital, TGAP Ventures, and Heron Capital. As part of the financing, Baird Capital’s Nicole Walker and Deerfield’s Avi Kometz will join the NeoChord board of directors.
The company will use the proceeds in areas such as clinical and regulatory advancements, sales and marketing, research and development and working capital.
Led by NeoChord President & CEO David Chung, NeoChord has developed a proprietary device that allows mitral valve repair to be performed on a beating heart using a minimally invasive approach in patients with mitral valve regurgitation.
The company received CE marking in December 2012 for the DS1000 device for minimally invasive mitral valve repair via surgical implantation of artificial chordae tendinae.