\u003cbr />The Series A, led by a non-disclosed strategic investor, together with Hadean Ventures and Investinor, will fund CardioMech's journey to treat patients in a first-in-human feasibility trial\u003cbr />\u003cbr />MINNEAPOLIS, Aug. 5, 2020 /PRNewswire/ -- Minneapolis based CardioMech AS, a medical device company developing a transfemoral, transseptally delivered mitral valve repair technology, announced today it has closed on its Series A financing led by a non-disclosed strategic investor together with healthcare specialist investor Hadean Ventures and Investinor. The $18.5M financing round will fund its journey to conduct its first-in-human feasibility trial. \u003c/p>\u003cp >Mitral regurgitation, the backward flow of blood across the mitral valve, occurs when the mitral valve leaflets do not close properly and is the third most common cardiovascular disease. The market to treat this condition is widely expected to be significantly larger than the TAVR market, currently a $4B market.\u003c/p>\u003cp >CardioMech is developing a catheter-based mitral valve repair technology as an alternative to open-heart cardiac surgery by placing its artificial chord(s) in the heart via a catheter to reduce or eliminate mitral regurgitation without opening the chest, stopping the heart, or going on heart-lung bypass.\u003c/p>\u003cp >"I am thrilled to partner with our strategic investor, Hadean and Investinor, leading global players in the development of medical device technologies," said Rick Nehm, President and CEO of CardioMech. "Together we will pursue and achieve our objective to significantly improve the standard of care for patients suffering from mitral regurgitation." \u003c/p>\u003cp >"We are very excited to join a key strategic investor to fund CardioMech to its feasibility study, not only because we see it as the most promising technology in the mitral market, but also because of its potential to have a significant and meaningful impact on so many patients suffering from mitral regurgitation around the world," said Ingrid Teigland Akay, MD, MBA, Managing Partner of Hadean Ventures. \u003c/p>\u003cp >"CardioMech has the right technology, the right team, the right partners in the right market and Investinor is excited to invest in the development of this Norwegian-born technology," said Ann-Tove Kongsness, Investment Director, Investinor.\u003c/p>\u003cp >\u003cstrong >About Hadean Ventures:\u003c/strong>\u003cstrong >\u003cbr />\u003c/strong>Hadean Ventures is a life science fund manager that invests in companies across Europe with a particular focus on the Nordic region. The funds are backed by leading private and institutional investors. Hadean Ventures has offices in Oslo and Stockholm and collaborates with world-class academic institutions and start-up hubs across the region and beyond. \u003ca target=\"_blank\" rel=\"nofollow\" href=\"https://c212.net/c/link/?t=0&l=en&o=2876028-1&h=2121455028&u=http%3A%2F%2Fwww.hadeanventures.com%2F&a=www.hadeanventures.com\">www.hadeanventures.com\u003c/a>.\u003c/p>\u003cp >\u003cstrong >About Investinor:\u003c/strong>\u003cstrong >\u003cbr />\u003c/strong>Investinor is a major, leading venture capital player with a focus on Nordic Venture and growth equity. We invest in the most promising unlisted tech companies aiming for international growth and expansion. Its investment portfolio currently consists of 70 companies. The fund is financially strong and has a consistent, credible investment philosophy. \u003ca target=\"_blank\" rel=\"nofollow\" href=\"https://c212.net/c/link/?t=0&l=en&o=2876028-1&h=455007076&u=http%3A%2F%2Fwww.investinor.no%2F&a=www.investinor.no\">www.investinor.no\u003c/a>.\u003c/p>\u003cp >\u003cstrong >About CardioMech AS\u003c/strong>\u003cstrong >\u003cbr />\u003c/strong>CardioMech AS is a privately-held company that is developing a transcatheter mitral valve repair technology to treat patients suffering from severe, symptomatic degenerative mitral regurgitation due to prolapse or flail. \u003c/p>\u003cp >Caution: The CardioMech device is in the early R&D development phase and is NOT approved or cleared by the FDA or any other regulatory body in any region of the world.\u003c/p>\u003cp >-END-\u003cbr />\u003c/p>\u003ch2 >Press release AUG.12.2019\u003c/h2>\u003cp >\u003cstrong >CardioMech Raises $5 Million in Heavily Oversubscribed Financing\u003c/strong>\u003c/p>\u003cp >OSLO, Norway, a privately-held company developing a transcatheter mitral valve repair technology, announced today that it has closed on a convertible note financing of $5 million, significantly oversubscribed. The note included investments from experienced MedTech investors and brings the total amount raised for CardioMech to $7.5 million in 2019. Proceeds from the raised funding will be used to further accelerate the development of its technology. \u003c/p>\u003cp >"Investors are enthusiastically supporting our catheter-based, beating-heart chordal repair technology because it's highly differentiated and designed to allow physicians to address a large market with a clear unmet clinical need," said \u003ca target=\"_blank\" rel=\"nofollow\" href=\"https://c212.net/c/link/?t=0&l=en&o=2548696-1&h=3600181975&u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Frick-nehm-0321262%2F&a=Rick+Nehm\">Rick Nehm\u003c/a>, President and CEO of CardioMech.\u003c/p>\u003cp >"Mitral regurgitation is the most common cardiac valvular anomaly and affects millions of people worldwide. The CardioMech device is designed to address prolapse and flail by restoring coaptation of the mitral leaflets with artificial chords," said Co-Founder and CMO of CardioMech Dr. Jacob Bergsland. "Chordal repair may likely become the front line therapy for patients with mitral regurgitation as, with its limited footprint, it preserves the use of future therapies." \u003c/p>\u003cp >"The management team, physicians, and investors are excited about the significant momentum we have in developing the CardioMech technology," said Mark Novotny, Chairman, Board of Directors, CardioMech. "Achievement of this fundraising milestone is clear evidence that we are developing a technology that may be highly attractive in the marketplace." \u003c/p>\u003cp >\u003cstrong >About CardioMech AS\u003c/strong>\u003c/p>\u003cp >CardioMech AS is a privately-held company that is developing a transcatheter mitral valve repair technology to treat patients suffering from severe, symptomatic degenerative mitral regurgitation due to prolapse or flail. \u003c/p>\u003cp >Caution: The CardioMech device is in the early R&D development phase and is NOT approved or cleared by the FDA or any other regulatory body in any region of the world.\u003c/p>\u003cp >-END-\u003c/p>\u003ch2 >Press release FEB.11.2019\u003c/h2>\u003cp >\u003cstrong >CardioMech raises $2.5 million in heavily oversubscribed convertible note\u003c/strong>\u003c/p>\u003cp >OSLO - \u003ca target=\"_blank\" rel=\"noopener\" href=\"https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cardiomech.com%2F&esheet=51938680&newsitemid=20190211005446&lan=en-US&anchor=CardioMech+AS&index=1&md5=b656a6c0ab11243b4a8f9a41fb10fa6a\">CardioMech AS\u003c/a> announced today that it has closed on a convertible note financing of $2.5 million, which was significantly oversubscribed. The note included investments from experienced angel investors in interventional cardiology and structural heart disease\u003c/p>\u003cp >“\u003cem >This cash infusion will empower us to expedite development of our catheter-based technology. Our goal is to provide physicians with the right tool to treat these very sick patients — without the risks associated with open-heart surgery, which includes cardiac arrest and the heart-lung bypass pump\u003c/em>”\u003c/p>\u003cp >“T\u003cem >his financing milestone demonstrates the rapid acceleration of the development of CardioMech’s transcatheter mitral valve repair technology. We have already begun testing prototypes of our highly differentiated device, and we are moving onto the path toward the goal of significantly improving the standard of care for patients suffering from mitral valve disease,\u003c/em>” said Rick Nehm, President and CEO of CardioMech.\u003c/p>\u003cp >“\u003cem >There are millions of patients who suffer from a leaky mitral valve due to prolapse or flail, and most are not eligible for cardiac surgery,\u003c/em>” added Nehm. “\u003cem >This cash infusion will empower us to expedite development of our catheter-based technology. Our goal is to provide physicians with the right tool to treat these very sick patients — without the risks associated with open-heart surgery, which includes cardiac arrest and the heart-lung bypass pump,\u003c/em>” said Nehm.\u003c/p>\u003cp >“\u003cem >Transcatheter mitral valve chordal repair is an attractive market segment, and we intend to lead it. The CardioMech device is designed to be highly differentiated from competing technologies, and this fundraising milestone is evidence of investors’ confidence in the significant market opportunity. We are eager to support the company and help bring its remarkable technology to market,\u003c/em>” added Mark Novotny, Chairman of the Board of Directors for CardioMech.\u003c/p>\u003cp >\u003cstrong >About CardioMech AS\u003c/strong>\u003c/p>\u003cp >Headquartered in Oslo, Norway, CardioMech AS is a privately held company that is developing a transcatheter alternative to cardiac surgery for the placement of artificial chords for the mitral heart valve.\u003c/p>\u003cp >-END-\u003c/p>\u003ch2 >Press release NOV.6.2018\u003c/h2>\u003cp >\u003cstrong >\u003cbr />\u003c/strong>\u003cstrong >CardioMech Appoints Richard Nehm as President and CEO, and Mark Novotny as Chairman.\u003c/strong>\u003c/p>\u003cp >TRONDHEIM, Norway, Nov. 5, 2018 — CardioMech AS announced today that it has appointed Richard Nehm as President and CEO, and Mark Novotny as Chairman of the Board of Directors, effective immediately. Rick and Mark join the company alongside founders Jacob Bergsland, Chief Medical Officer, and Nikolai Hiorth, Chief Technology Officer.\u003cbr />\u003c/p>\u003cp >Rick Nehm is a seasoned medical device professional in the structural heart market with nearly 20 years of leadership experience in sales, marketing and business development across large and small companies. His expertise in product development and commercialization within interventional cardiology, cardiac surgery and structural heart will help drive the development of the CardioMech program. Rick previously held leadership roles with Boston Scientific Corp., Tendyne Holdings Inc. (Abbott) and ATS Medical (Medtronic). Rick is a native of Roseville, Minn., U.S., and is currently living in Alingsås, Sweden.\u003cbr />\u003c/p>\u003cp >Jacob Bergsland, M.D., Cardiac Surgeon, Founder and CMO, said, “There are more than 400,000 patients around the world that suffer from a leaky mitral valve due to prolapse or flail that are at a high-risk for a cardiac surgery. We are pleased to welcome Rick and Mark to help us accelerate the development of our catheter-based technology that is designed to treat these patients with a transfemoral/transseptal access without the risks associated with open-heart surgery, cardiac arrest and the heart-lung bypass machine.” \u003cbr />\u003c/p>\u003cp >“I am thrilled to join this extraordinary team and lead CardioMech down the path towards commercialization of this profound technology. Our objective is to significantly improve the standard of care for very sick patients suffering with mitral valve prolapse and flail,” said Rick Nehm, President and CEO.\u003cbr />\u003c/p>\u003cp >Mark Novotny joins CardioMech with 28 years of experience in MedTech, where he has held leadership roles across cardiovascular, critical care and spinal surgery throughout the U.S., Asia and Europe. Mark is currently the President and CEO of Spinal Stabilization Technologies based in San Antonio, Texas, U.S., and has previously held leadership roles at Boston Scientific Corp. and CeloNova BioSciences Inc. \u003cbr />\u003c/p>\u003cp >“Transcatheter chordal repair is a hot segment with two exits in the last 11 months. The CardioMech device is highly differentiated, and we will build significant shareholder value in a short period of time. I am excited to join this team and guide this exceptional technology to market,” said Mark Novotny, Chairman.\u003cbr />\u003c/p>\u003cp >\u003cstrong >About CardioMech AS\u003c/strong>\u003cbr />\u003c/p>\u003cp >Headquartered in Trondheim, Norway, CardioMech AS is a privately held company that is developing a transcatheter alternative to cardiac surgery for the placement of artificial chords for the mitral heart valve.\u003c/p>\u003cp >Caution: The CardioMech device is in the early R&D development phase and is NOT available for sale in any region of the world. \u003c/p>\u003cp >-END-\u003c/p>","textEditorHeight":2075},"type":"text","actions":["e4cW7Stb2En"],"cl":"text LcLAwx6FL"},{"key":"eCb3L5L7ON","content":{"src":{"url":"https://a.vev.design/r/78is4PxGP_2100.png","key":"78is4PxGP","ratio":1.3030927835051547}},"type":"image","cl":"image"},{"key":"eLciviGnbw","type":"section","children":["eQDJo5-TYE","eCb3L5L7ON"],"cl":"section"},{"key":"GbXmvMKqP","children":["eLciviGnbw"]}],"pages":[{"key":"GbXmvMKqP","title":"Press","desc":"Press release cardiomech ","cover":"undefined/image/social/undefined/GbXmvMKqP/v/0.jpg","path":"press"},{"key":"NPVO3Pr1M","title":"Monsoon","cover":"undefined/image/social/undefined/NPVO3Pr1M/v/0.jpg","path":"monsoon"},{"key":"dzmMJEvXwR","title":"Cardiomech","desc":"Designing new therapeutic options for heart disease","cover":"https://a.vev.design/r/A1upBLM7z_500.jpg","path":"","index":true}],"shapes":{},"images":{"78is4PxGP":{"meta":{"width":632,"height":485},"src":"https://a.vev.design/r/78is4PxGP_2100.png","srcset":[["https://a.vev.design/r/78is4PxGP_300.png",300],["https://a.vev.design/r/78is4PxGP_500.png",500],["https://a.vev.design/r/78is4PxGP_1080.png",1080],["https://a.vev.design/r/78is4PxGP_1600.png",1600],["https://a.vev.design/r/78is4PxGP_2100.png",2100]]}},"interactions":[],"pkg":{"w729zbwl":"Sk4l8a1Y7","image":"basic","text":"basic","section":"basic"},"menus":{"wnXrADGPq":{"children":[{"settings":{},"link":{"mode":1,"widget":{"name":"About us","page":"dzmMJEvXwR","key":"em-PTp14P6"}},"title":"About us","key":"_YV5bV8upU"},{"settings":{},"link":{"mode":1,"widget":{"name":"Partners","page":"dzmMJEvXwR","key":"eIsk--hEz_"}},"title":"Partners","key":"OO9i_bW4oE"},{"settings":{},"link":{"mode":0,"page":"GbXmvMKqP"},"title":"Press","key":"YTruU8o1Cr"}],"title":"Main menu","key":"wnXrADGPq"}},"primaryMenu":"wnXrADGPq"}