NeoChord develops beating-heart mitral valve repair solutions for patients with mitral regurgitation. Its flagship product, the NeoChord Artificial Chordae Delivery System, enables a minimally invasive procedure on a beating heart without cardiopulmonary bypass or aortic cross-clamping and received CE market clearance in December 2012. In the United States the system is for investigational use only and is limited by federal law to investigational use. Founded in 2007 and led by President and CEO David Chung, the company is based in St. Louis Park, Minnesota. NeoChord plans to use the recent proceeds to accelerate development of its transcatheter chordal repair and edge-to-edge programs. Over the past 12 months the company has raised over $32m in equity. NeoChord is a medical technology company advancing beating-heart mitral valve repair, founded in 2007 by David Chung and based in St. Louis Park, Minnesota. Its flagship product, the NeoChord Artificial Chordae Delivery System (Model DS1000), enables minimally invasive transapical delivery of artificial chordae on a beating heart without cardiopulmonary bypass or aortic cross-clamp. The system received CE market clearance in December 2012 and in the United States is for investigational use only. The company intends to use the funds from the recent financing to accelerate development of its transcatheter chordal repair and edge-to-edge programs. The procedure provides real-time feedback that allows surgeons to precisely adjust chord length to reduce or eliminate mitral valve regurgitation while the heart is beating. David Chung serves as President and Chief Executive Officer. NeoChord, based in Eden Prairie, Minnesota and led by President & CEO David Chung, has developed a proprietary device enabling mitral valve repair on the beating heart using a minimally invasive approach. Its DS1000 device received CE marking in December 2012 for minimally invasive mitral valve repair via surgical implantation of artificial chordae tendinae. The company focuses on advancing clinical and regulatory work for its technology while pursuing commercialization. NeoChord closed a $20M Series C financing to support those efforts. The company will use the proceeds for clinical and regulatory advancements, sales and marketing, research and development, and working capital. The article does not report operating metrics such as revenue or user numbers. NeoChord is a medical technology company developing minimally invasive devices and procedures to treat mitral regurgitation. Its flagship DS1000 System, CE marked in December 2012, enables surgical implantation of artificial chordae tendinae and is approved for sale in Europe but is not available commercially in the United States. The company is also developing NeoNav imaging software and an Edge-to-Edge mitral valve technology; near-term clinical goals include completing enrollment in the TACT Registry and performing First-in-Man procedures for the Edge-to-Edge approach. NeoChord reports it is in-revenues in Europe, with initial reimbursement established in Germany and a rapidly growing queue of surgeons seeking training. Financially, the company completed a $3 million sale of Series B-2 Preferred Stock in March 2013 and later closed a $3 million credit facility, providing additional cash runway to pursue its clinical and product development milestones. The company is based in Eden Prairie, Minnesota. NeoChord is commercializing a minimally invasive cardiac surgery device that places artificial chords in the mitral valve to treat mitral regurgitation while the heart is beating. The procedure is designed to eliminate the need for sternotomy and cardiopulmonary bypass required in open heart surgery. NeoChord holds an exclusive license from the Mayo Clinic; the technology is currently approved only for clinical use. The company recently raised $5 million and is seeking an additional $6 million according to a regulatory filing. Management intends to use proceeds to secure European approval, prepare a U.S. investigational device exemption application, and fund the subsequent pivotal U.S. trial. Investors include Clarian Health Ventures, Heron Capital and TGap Ventures; the company is based in Minnesota.

Total raised

$64M

Funding rounds

7

Latest round

Series D

Latest activity

Apr 2019