CardiAQ Valve Technologies, Inc., an Irvine, Calif.-based medical device company developing technologies for percutaneous mitral heart valve replacement, has received $37.3m in its second equity financing.
Led by Rob Michiels, CEO, and Arshad Quadri, M.D., Founder, Chairman and CMO, and Brent Ratz, President, COO and Co-Founder, CardiAQ is developing a proprietary system for Transcatheter Mitral Valve Implantation (TMVI). to allow physicians to accurately and securely implant a new mitral valve within a beating heart, thus avoiding open-heart surgery.
The company intend sto use the funding, which incorporates conversion of a 2011 bridge financing, will be used to further validate its TMVI technology. It is expected to carry CardiAQ through its feasibility and CE mark clinical trials.
In conjunction with the funding, OrbiMed’s David Bonita, M.D., and Vince Burgess have joined CardiAQ’s board of directors.