NeoChord raises $5M, seeks $11M for mitral regurgitation treatment

The market for cardiac surgery devices was valued at $2 billion in 2010.

That includes surgery related to heart valve problems that require mitral valve repair to treat patients who suffer mitral regurgitation.

One Minnesota company wants to take a portion of the mitral valve repair market by commercializing a minimally invasive cardiac surgery device for patients whose mitral valves have ruptured or become elongated. NeoChord recently raised $5 million and is seeking another $6 million, according to a recent regulatory filing. Based on an earlier interview with MedCity News, it appears the money will be used to gain European approval and pay for the U.S. application for an investigational device exemption and the subsequent pivotal trial.

Mitral regurgitation occurs when the mitral valve doesn’t close tightly enough such that blood flows backward into the heart and not out to the rest of the body. If the condition is not addressed, patients may be at risk of heart failure and abnormal heart rhythm complications like atrial fibrillation.

Standard mitral valve repair or replacement treatments require invasive open heart surgery where the heart is connected to an external heart-lung machine that can perform the heart’s functions and keep the patient alive. NeoChord’s minimally invasive cardiac surgery device aims to change that by operating on the beating heart. The procedure uses its proprietary device to place artificial chords in the mitral valve and eliminate the need for sternotomy and cardiopulmonary bypass required in open heart surgery, according to NeoChord’s website.

NeoChord has an exclusive license from the Mayo Clinic, which is currently only approved for clinical use. The CEO of the company, John Seaberg, is a former Guidant executive and also founded Acist Medical, which was sold to Bracco, Inc. for more than $100 million in 2001. The company’s investors include Clarian Health Ventures, Heron Capital and TGap Ventures.