4C Medical Technologies announced it closed a Series D financing round resulting in gross proceeds of up to $175 million. Boston Scientific led the financing round for the heart valve replacement technology developer. Certain new and existing shareholders also participated in the financing.
Minneapolis-based 4C Medical Technologies plans to use the funds to accelerate the clinical development and commercialisation of its AltaValve system. AltaValve is the company’s next-generation transcatheter mitral valve replacement (TMVR) technology. The company designed its technology to address mitral regurgitation (MR). MR can lead to heart failure or death if untreated. The company received FDA breakthrough device designation for the system last year.
Related: Nervonik raises $13M Series A to support next-gen nerve stim technology
Due to the complexity of the valve’s anatomy and comorbidities, limited medical therapies currently exist for MR. AltaValve could enter a market currently led by the Abbott MitraClip transcatheter mitral valve repair system.
The company plans to use funds to support its ongoing ATLAS global pivotal trial. ATLAS evaluates the safety and effectiveness of AltaValve in patients with moderate-to-severe or severe MR. Patients in the study are unsuitable for surgery or transcatheter edge-to-edge repair (TEER).
Dr. Jeff Chambers, 4C Medical Technologies chair, said the financing strategically positions the company to accelerate toward commercialization.
“We are excited to welcome Boston Scientific and thank our shareholders for their support with our financing. The enthusiasm for participation in our ATLAS pivotal trial is palpable, and with this strong capital raise and the backing of Boston Scientific, we look forward to clinically demonstrating the safety and effectiveness of the AltaValve System in treating patients with MR,” said Saravana Kumar, CEO and president at 4C Medical Medical Technologies.
