4C Medical Technologies, Inc., a Brooklyn Park, Minnesota based medical technology developer of minimally invasive therapies for structural heart disease, has raised US $9.1 million by way of a private placement of unsecured convertible promissory notes.
Montreal based angel group, Anges Québec, led the financing with US $3.5 million investment.
4C Medical intends to use the proceeds from the financing to fund the continued development of its transcatheter technology for the treatment of mitral regurgitation (MR).
4C Medical is developing the first transcatheter MR therapy that preserves the native mitral valve and left ventricle using a supra-annular, atrial-only fixation technology. This novel technology is designed to eliminate the known issues of current transcatheter mitral valve replacement (TMVR) technologies, which rely on placement and fixation in the native mitral annulus and/or the left ventricle.
“We’re delighted with the interest in our company and our technology, and we appreciate the leadership demonstrated by Anges Québec in this investment round,” said Robert Thatcher, president and CEO of 4C Medical. “We’re already ahead of schedule on our 2017 targets by two quarters. Given how well things are going, we’ve decided to get a jump on our 2018 targets. To finance our effort, we announced last May that we planned to increase financing using convertible debt until we reached our US$8million goal. With the support of Anges Québec we exceeded our goal. Proceeds from this round will go toward finalizing the technology to be used in our early human feasibility study in the U.S, and perhaps Japan.”
“The asymmetry of the native mitral annulus and the irregular shape of the valve leaflets considerably complicate the development of these technologies, whose size and fixation mechanisms are tributary to unpredictable anatomical characteristics,” explained Dr. Jeffrey Chambers, MD, founder and chief medical officer of 4C Medical. Millions of patients have MR, and many don’t get proper treatment. Our mission is to develop a treatment that overcomes the problems associated with existing technologies. With the support of our investors, our team is entirely dedicated to this goal”
Mitral regurgitation (MR) is a common heart valve condition affecting nearly 10% of Americans age 75 and over.1 It occurs when mitral valve leaflets don’t close properly, and allow blood in the left ventricle to leak back into the left atrium. It is a progressive illness, and if left untreated, can lead to atrial fibrillation, pulmonary hypertension, heart failure, and even death.
“We’re very happy to add 4C Medical to our extensive portfolio of medical technology companies,” said Stéphane Pilette, Vice President, Investment Support at Anges Québec. “With its seasoned management team and its revolutionary transcatheter mitral valve replacement technology, 4C Medical has everything it takes to solve a serious heart valve condition for which few options are currently available.”
photo credit: 4C Medical