Cardiosolutions raises $7 million for minimally invasive system for repair of regurgitant mitral valves

Sep 25 2007

Cardiosolutions, Inc. has closed a $7 million Series A Convertible Preferred Stock financing led by BioVentures Investors, the company announced.

Cardiosolutions is developing a proprietary, minimally invasive system for repair of a regurgitant mitral valve interfering with normal heart function. The financing will fund pilot human trials of the technology, expected in 2008.

Mitral regurgitation is the most common type of heart valve insufficiency. It is a long-term disorder in which the valve that separates the left upper chamber of the heart (atrium) from the left lower chamber (ventricle) does not close properly. Debilitating chronic mitral regurgitation affects approximately 6% of women and 3% of men and currently requires open heart surgery for restoration of valve function.

Cardiosolution's Spacer - Tek Technology(TM) utilizes minimally invasive techniques similar to coronary stenting and mitral valvuloplasty. The Company's Percu - Pro System(TM) measures the pumping chambers of the heart and then delivers a proprietary Mitra - Spacer(TM) to the affected valve through a series of small catheters that are threaded into the blood vessels of the patient's inner thigh. This percuntaneous system is designed to greatly reduce the degree of mitral regurgitation in patients with either functional or degenerative valve disease and may allow patients to avoid open heart surgery, a difficult procedure with far greater risk, an extended period of recovery, and significantly greater cost.

"Completing this round of financing is a significant achievement for us and we are very pleased to have BioVentures Investors join our list of backers," stated Jon Wilson, Chief Operating Officer of Cardiosolutions. "If successful, our system can provide an interim option for patients who are too ill for open heart surgery and ultimately, the system may provide an effective preventative therapy for patients with very early stages of mitral regurgitation." Steve Tallarida, President of Cardiosolutions stated, "We believe the spacer technology is a simple and elegant way to treat mitral regurgitation."