CardioMech AS, an Oslo, Norway-based company developing a transcatheter mitral valve repair technology, closed on a convertible note financing of $5m.
The note included investments from MedTech investors and brings the total amount raised for CardioMech to $7.5m in 2019.
The company intends to use the funds to further accelerate the development of its technology.
Led by Rick Nehm, President and CEO, and Co-Founder and CMO Dr. Jacob Bergsland, CardioMech is a company that is developing a transcatheter mitral valve repair technology to treat patients suffering from severe, symptomatic degenerative mitral regurgitation due to prolapse or flail.
The device is in the early R&D development phase and is NOT approved or cleared by the FDA or any other regulatory body in any region of the world.