NeoChord, Inc., a St. Louis Park, Minn.-based medical technology company leading the advancement of beating heart mitral valve repair in patients suffering from mitral valve regurgitation, secured approx. $7m in additional funding as an extension of its Series D equity financing which was announced in November of 2018.
The additional funds, provided by Strategic Healthcare Investment Partners (S.H.I.P.), bring the total equity that NeoChord has raised in the past 12 months to over $32m. Concurrent with the recent financing, S.H.I.P. General Partner, Mudit K. Jain, PhD., will join NeoChord’s Board of Directors.
The company intends to use the proceeds to accelerate the development of its transcatheter chordal repair and edge to edge programs.
Founded in 2007 and led by David Chung, President and Chief Executive Officer, NeoChord is a medical technology company leading the advancement of beating heart mitral valve repair in patients suffering from mitral valve regurgitation.
The technology allows for a minimally invasive procedure while the heart is beating and without the need for cardio-pulmonary bypass or aortic cross-clamping.
The company’s flagship product, the NeoChord Artificial Chordae Delivery System received CE market clearance in December 2012. In the United States, it is for Investigational Use Only and is limited by Federal (United States) law to Investigational use.