Transcatheter mitral valve-replacement startup pulls in $32.5M
Right now, Edwards Lifesciences ($EW) and Medtronic ($MDT) are the major players in transcatheter aortic valve implantation. But California startup CardiAQ Valve Technologies is seeking to advance its own version of the technology geared toward the mitral valve and recently pulled in $32.5 million in new funding to help it get there.
MedCity News reports on the company's new cash infusion, first revealed in a regulatory filing. But CardiAQ is remaining coy about revealing specific investors or how it plans to invest the money in terms of product development. (A spokesman told the publication that details will be announced at some point in the days ahead.)
CardiAQ is focused on developing what it calls a transcatheter mitral valve implantation system as an alternative to open-chest surgery to treat mitral regurgitation (leaking heart valve), according to the company's website. The company previously raised an initial $1.5 million in 2009, and then a $6.5 million Series A round, according to the story.
As the article notes, Edwards Lifesciences is already leading in the transcatheter aortic valve implantation space, with its Sapien valve system. Medtronic is pursuing European approval for its Engager heart valve, which is poised to be a big competitor.