CardioKinetix Completes $50M Financing
Summary
The round was led by Edwards Lifesciences Corporation, with participation from existing investors U.S. Venture Partners, Tekla Healthcare Investors (NYSE:HQH), Tekla Life Sciences Investors (NYSE:HQL), SV Life Sciences, Panorama Capital, New Leaf Venture Partners, and Lexington Private Equity.Led by Maria Sainz, president and CEO, CardioKinetix is pioneering the catheter-based Parachute® Ventricular Partitioning Device for heart failure.The company, which also entered into an agreement that provides Edwards Lifesciences the right to acquire CardioKinetix based on future regulatory milestones, intends to use the funds to complete the PARACHUTE IV randomized pivotal clinical trial of the Parachute® Ventricular Partitioning Device for the treatment of heart failure.Data from the study, which is currently enrolling patients in the United States, will be the basis for its pre-market approval (PMA) submission to the U.S. Food and Drug Administration (FDA).The financing will also enable CardioKinetix to pursue international market development efforts in key geographies.