Healthcare Industry News: HSMN NewsFeed
News Release - March 31, 2022
4C Medical Technologies Completes $35 Million Series C Financing and Appoints Saravana Kumar as President and CEOMINNEAPOLIS, March 31, 2022 -- (Healthcare Sales & Marketing Network) -- 4C Medical Technologies, Inc. ("4C Medical" or the "Company"), a privately-held medical technology company focused on the development of minimally invasive therapies for structural heart disease, announced that it has completed a $35.4 million Series C Preferred Stock financing. The Series C round was led by MicroPort CardioFlow Medtech Corporation (HKEX:2160).
As part of the closing, 4C Medical also announced the appointment of Saravana Kumar, PhD as its President & Chief Executive Officer. Dr. Kumar has served as the Company's interim President and CEO since March 2021 after having previously served as the Company's Vice President of R&D and Operations since November 2017.
"We are pleased to have someone as focused and goal-oriented as Dr. Kumar leading our company to the next growth stage, focusing on the further enchancement of our transseptal delivery system, including the introduction of the next generation low profile system, and continuing clinical evidence gathering for our AltaValve transcatheter mitral valve replacement (TMVR) device," said Dr. Jeff Chambers, Founder and Chairman of the Board of 4C Medical.
"We are grateful for all the interest and support we received from our investors. The significant funds raised in the Series C round furtherhkex emphasizes the importance of continuing to develop our AltaValve® TMVR technology and highlight its differentiated design and ability to expand the treatable patient population using our streamlined procedures," said Dr. Kumar. "The funds will also allow us to broaden our product portfolio with the initiation of our tricuspid program."
About 4C Medical Technologies, Inc.
4C Medical is a medical device company developing minimally invasive technologies for structural heart disease, focusing initially on mitral regurgitation (MR) therapy and subsequently on tricuspid regurgitation therapy. Subject to regulatory approvals, the Company's AltaValve® would be the first MR treatment with atrial-only fixation that is designed to minimize known issues associated with current TMVR technologies, which rely on placement and fixation within the native mitral annulus.
Source: 4C Medical Technologies
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