MENLO PARK, CA--(Marketwire -09/20/11)- CardioKinetix Inc., a medical device company that has developed a novel transcatheter implant called the PARACHUTE™ Ventricular Partitioning Device (PARACHUTE™), announced today that it has raised $44 million in a two-tranche Series E financing. The financing was led by new investors SV Life Sciences and New Leaf Venture Partners, who joined existing investors, including U.S. Venture Partners, J.P. Morgan Partners, H&Q Healthcare Investors (NYSE: HQH - News) and H&Q Life Sciences Investors (NYSE: HQL - News).
Parachute™, which recently received the CE Mark, is implanted into the left ventricle of the heart in a simple catheter lab procedure and is intended to treat patients with heart failure resulting from a myocardial infarction or heart attack. The Company is currently conducting clinical studies in Europe and the FDA has approved an IDE Pivotal Trial for Parachute™ based on the results from a feasibility study. The Company hopes to continue to demonstrate safety in its clinical studies as well as improve symptoms and function and reduce hospitalization for the millions of patients suffering from heart failure.
In conjunction with the financing, Paul LaViolette, Partner at SV Life Sciences, and Jeani Delagardelle, Managing Director at New Leaf Venture Partners will join CardioKinetix's Board of Directors.
"This financing provides CardioKinetix the capital necessary to substantially progress the development of our PARACHUTE™ device, including conducting clinical studies to further support the initial commercialization of Parachute™ in Europe and a PMA submission to FDA," said Wes Johnson, President and CEO of CardioKinetix Inc. "Further, the addition of Paul and Jeani to our Board will supplement the extensive operational and financial expertise available to our management team."
"We are excited about teaming up with CardioKinetix to help advance an innovative and promising cardiology-friendly treatment for ischemic heart failure patients with limited options," said Paul LaViolette of SV Life Sciences.
About CardioKinetix Inc.
CardioKinetix (www.cardiokinetix.com) has developed a novel transcatheter implant called the PARACHUTE™ Ventricular Partitioning Device (PARACHUTE™). The PARACHUTE™ intends to treat heart failure resulting from a heart attack or myocardial infarction in patients worldwide by improving overall cardiac function.
Chief Executive Officer