Updated: 3:30 p.m.
NeoChord, a Minnesota company developing new innovative medical devices for the heart’s mitral valve, has raised $1 million to tide it over before a larger fund-raise and European regulatory approval.
NeoChord is about one-third of the way through clinical trials in Europe testing its first device, which supplies artificial chordae tendineae — the thread-like tissues that anchor the leaflets of the mitral valve to heart muscle. Surgeons using NeoChord’s technology can implant the artificial chords with a probe-like device through a small incision in the chest.
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CEO John Seaberg said the company will later this year raise $10 million, which will cover the approval of the CE Mark, the Investigational Device Exception application and a pivotal trial.
The company hasn’t raised money since July 2009, when it raised $2.8 million. The device was created from research at Mayo Clinic, which is also an investor in the company.