To fund completion of the EMPOWER Trial U.S. pivotal study and continue the commercialization of the Carillon Mitral Contour System
Cardiac Dimensions®, a leader in minimally invasive treatments for heart failure and functional mitral regurgitation (FMR), has announced the close of an oversubscribed $53 million Series E financing round led by Ally Bridge Group with significant participation from existing investors. This financing will fund the completion of the EMPOWER Trial U.S. pivotal study and support the continued commercialization of the innovative Carillon Mitral Contour System®.
“Cardiac Dimensions is uniquely positioned to provide a safe, simple, and effective solution for heart failure patients suffering from FMR. A financing of this magnitude reflects the strong conviction of Ally Bridge, as well as our existing insiders, in the Carillon® therapy’s ability to play a central role in the treatment of this high-need patient population,” said Rick Wypych, president and CEO of Cardiac Dimensions.
“With these additional resources, we are also well-positioned to continue our global commercial expansion of the Carillon therapy to improve the lives of patients with this debilitating disease,” continued Wypych.
In addition to lead investor Ally Bridge Group, new investor Claret Capital Partners and existing Cardiac Dimensions investors Hostplus, M.H. Carnegie, Horizon 3 Healthcare, Lumira Ventures, and a confidential strategic investor significantly participated in the round.
“We are excited to lead this financing to help support Cardiac Dimensions’ significant advancements in the treatment of heart failure patients with FMR,” said Steve Plachtyna of Ally Bridge Group and new member of the company’s board of directors. “We have been very impressed with the progress the company has made over the past several years in both their clinical efforts and their expansion of commercial sales outside the U.S. This financing will fund and accelerate both of these efforts.”
Johan Kampe, Managing Partner, Claret Capital Partners comments: “We are excited to participate in this equity round having first backed Cardiac Dimensions in 2023. The team continue to make a significant impact on the lives of patients with their innovative and minimally invasive treatments for functional mitral regurgitation (“FMR”), and we are proud to be part of the journey.”
The Carillon device is designed to restore natural mitral valve function without damaging the mitral valve leaflets. The simple, catheter-based procedure works by restoring the valve’s natural function and promoting favorable left ventricular remodeling. Clinical studies have shown the Carillon therapy reduces mitral regurgitation, improves quality of life, and has extended survival for a broad range of patients with FMR. Furthermore, patients with early-stage FMR may be treated with Carillon therapy as a front-line treatment option, as it does not prevent the use of other future therapies.
Functional mitral regurgitation is a prevalent condition among individuals with heart failure, which affects over 64 million people globally.1 Studies indicate that moderate or greater severity of FMR is present in up to 59% of heart failure patients.2 When left untreated, FMR can lead to increased hospitalization due to heart failure, reduced quality of life and higher mortality rates.