Healthcare Industry News: Cardiac Dimensions
News Release - December 18, 2007
Cardiac Dimensions(R) Inc. Announces Closing of $35.5 Million Round of FinancingJJDC & Lumira Capital Co-Lead Round, Providing Funds to Be Used to Support FDA Clinical Trials of the CARILLON(TM) Mitral Contour System(TM)
KIRKLAND, Wash.--(HSMN NewsFeed)--Cardiac Dimensions®, Inc. announced today it has closed $35.5 million in new venture capital. This Series D financing was co-led by Johnson & Johnson Development Corp. (JJDC) and Lumira Capital, and included Mitsubishi UFJ Capital, West River Capital, and Montgomery & Co. Also participating were existing investors Frazier Healthcare Ventures, Interwest Partners, MPM Capital, and Polaris Venture Partners. Funds will be used to execute clinical trials in the U.S. and Europe supporting the CARILLON™ Mitral Contour System™. Montgomery & Co., LLC served as the exclusive private placement agent on this financing. The CARILLON™ system is a percutaneous treatment of functional mitral regurgitation (FMR), and is currently under evaluation in pilot studies in Europe, South America, and Australia.
JJDC, the venture capital subsidiary of Johnson & Johnson, makes private equity investments in venture funded health care companies. JJDC also leads and manages internal investments in selected promising technologies. Roger Guidi, Vice President, Venture Investments will join the company’s board.
“Cardiac Dimensions is the leader in the emerging field of percutaneous functional mitral valve repair, and we believe their technology will not only drive broad market development, but also offer clear competitive advantages over other emerging technologies,” stated Gerry Brunk, Managing Director of Lumira Capital, who will also join the company’s board. “The recently completed AMADEUS™ European Safety & Efficacy trial suggests that Cardiac Dimensions’ CARILLON™ technology holds tremendous promise for a large and currently underserved patient population. We are extremely excited to be in a position to help facilitate the advancement of this important medical device.” Built on a foundation that leverages 18 years of North American venture capital experience, Lumira Capital manages over $350 million and invests in transformational health care and life science companies.
“On the heels of our recent enrollment completion of the European AMADEUS study and our early clinical success, we are thrilled to receive this ‘vote of confidence’ from Lumira Capital, JJDC, and the entire syndicate,” stated Rick Stewart, President and CEO of Cardiac Dimensions. “We have always operated with the intent to deliver the best solution to the problem of functional mitral regurgitation. We have clear, aggressive targets in the near future, and these funds will play a big role in facilitating our continued progress through clinical evaluations.”
Approximately 5 million people in the U.S. and over 20 million people worldwide suffer from Heart Failure. The majority of these patients also suffer from dilated cardiomyopathy and FMR. The vast majority of these patients are inadequately treated using medical management. While surgical options exist and can be effective in reducing FMR, they are infrequently used due to the burden of the surgery itself, which is associated with high operative morbidity and mortality rates.
The CARILLON™ Mitral Contour System™ combines a proprietary implantable device and delivery system. The implant consists of a shaping ribbon between distal and proximal anchors. The device is delivered percutaneously via jugular access under fluoroscopic guidance. The implant is designed to be positioned, adjusted, and gently anchored in the coronary sinus/great cardiac vein to reshape the annulus around the mitral valve to reduce mitral regurgitation. Preclinical and early clinical data have suggested both a reduction in mitral regurgitation and improvements along other key parameters including NYHA class, 6 Minute Walk Times, and Quality of Life.
Cardiac Dimensions®, Inc., based in Kirkland, WA, develops, and manufactures devices designed for treating heart failure and related conditions.
For further information contact Tom Douthitt at (425) 605-5900 or visit Cardiac Dimensions®, Inc. website at www.cardiacdimensions.com.
Source: Cardiac Dimensions
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