Want to know what's happening next in healthcare?

MedCityNews is the leading online news source for the business of innovation in healthcare.


“I like the diversity of topics that MedCity News covers – ranging from devices to policy to start-up companies. Always something interesting to find.”

Robert J. Szczerba, Ph.D., CEO, X Tech Ventures


Sign up for our daily newsletter


Cleveland Clinic’s artificial heart spinoff gets $30 million from Korean equity group

10:10 am by | 0 Comments

In the largest deal with a single investor for a Cleveland Clinic spinoff, Cleveland Heart Inc. has raised $30 million from a private equity group in Korea, Power Heart Consortium.

The investment will fund further refining and clinical trials for the company’s SmartHeart Total Artificial Heart, a compact, implantable pump and valve system designed to replace the function of the heart in patients with biventricular heart failure. Artificial hearts that exist today are used to extend life in patients with end-stage heart failure, or to keep patients who are waiting for a heart transplant alive.

Cleveland Heart Inc.’s design is based on the company’s left ventricular assist device. Chris Coburn, executive director of Cleveland Clinic Innovations, told The Plain Dealer that the left ventricular assist device should see regulatory approval in Europe and begin clinical trials in the U.S. within a year, but the artificial heart will take longer.

Advertisement

This deal marks another sizable investment in a cardiovascular Clinic portfolio company. It’s the largest this year in a Cleveland Clinic spinoff company, topping Juventas Therapeutics’ $22.2 million round earlier this summer. Another cardiovascular Clinic spinoff, Cleveland HeartLab, snatched an $18.4 million series B last summer.

Cleveland Heart Inc. is a joint venture between Cleveland Clinic and TransWorld Medical Devices.

[Photo from Flickr user MetalPhoeniX]

Copyright 2014 MedCity News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Deanna Pogorelc

By Deanna Pogorelc MedCity News

Deanna Pogorelc is a Cleveland-based reporter who writes obsessively about life science startups across the country, looking to technology transfer offices, startup incubators and investment funds to see what’s next in healthcare. She has a bachelor’s degree in journalism from Ball State University and previously covered business and education for a northeast Indiana newspaper.
More posts by Author

0 comments