Healthcare Industry News: mitral valve repair
News Release - September 10, 2014
Harpoon Medical, Inc. Announces $3.75M Series A FinancingSTEVENSVILLE, Md., Sept. 10, 2014 -- (Healthcare Sales & Marketing Network) -- Harpoon Medical, Inc., a medical device company focused on the development and commercialization of a minimally invasive, beating heart mitral valve repair technology, announced today that the company has successfully raised $3.2M of new capital and expects to complete the round over the coming weeks. The Series A financing was led by Epidarex Capital in order to advance Harpoon's innovative technology into the clinic and expand the company's research and development efforts.
"We are very pleased with the results of our Series A financing because it gives Harpoon Medical the resources necessary to advance the technology from an innovative concept into the clinic," said, Bill Niland, CEO of Harpoon Medical, Inc. and serial healthcare entrepreneur. The round was increased to accommodate strong demand from investors that include the Maryland Venture Fund, the Abell Foundation, medical device executives, doctors and successful business executives in the Maryland area. "When you have the opportunity to put together a high caliber syndicate of investors who can help you with more than just capital you find a way to accommodate the demand."
"As an early stage life science investor we look for capital efficient companies like Harpoon Medical where our investment can help the company achieve a major milestone," said Kyp Sirinakis, a Managing Partner at Epidarex Capital. "We were impressed with Harpoon Medical's device for beating heart mitral valve repair, the quality of the management team and what the company has accomplished in less than a year. The goal is to use this infusion of capital to accelerate the development process so that the Harpoon device can become a commercial reality and help the millions of patients suffering from mitral valve disease."
ABOUT HARPOON MEDICAL, INC
Harpoon Medical, Inc. is a development stage medical device company located in Maryland commercializing a minimally invasive, image-guided surgical tool for beating heart mitral valve repair. The technology was developed in the division of Cardiac Surgery at The University of Maryland School of Medicine. With the Harpoon device, surgeons will be able to access and repair the mitral valve in a beating heart through a small incision between the ribs without the need for cardiac arrest or cardiopulmonary bypass. Harpoon Medical hopes to transform traditional open heart mitral valve surgery from a complex 3-6 hour operation to a 60-minute procedure and reduce the recovery period from weeks to days. www.harpoonmedical.com
ABOUT EPIDAREX CAPITAL
Epidarex Capital invests in early-stage, high growth life science and health technology companies in under-ventured markets within the UK and US. Epidarex was created to meet the need for more sector-specific risk capital for young companies, including spin-outs from leading research universities. The fund's international management team has a track record of successfully partnering with scientists and entrepreneurs to develop highly innovative products for the global healthcare market. For further information please visit www.epidarex.com
Source: Harpoon Medical
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