MiCardia gets busy with its mitral valve technology
Welcome back to the Medical Technology Blog. In the first instalment of her guest blog, Coral Campbell highlights interesting developments from Irvine, CA-based MiCardia. Please read on…
MiCardia has had its hands full this week with a successful fundraising venture that received the thumbs up from its investors and culminated with the spin-off of its transcatheter technology.
The spin-off company, called ValCare, has backing from an Israeli investor, will be hoping for big things from its transcatheter technology. The venture has US$8.0 million to further advance the technology and holds the intellectual property for the company’s transcatheter mitral valve repair system.
ValCare’s transcatheter mitral valve repair system uses interventional cardiology methods to implant a mitral annuloplasty device – a target market potential that has been touted to be worth upwards of US$3.5 billion. The next job for the company is to complete the development and test the device in pre-clinical studies in the near term.
Back at MiCardia, investors have given the company a vote of confidence by backing a near US$4.5 million funding programme. The cash will help support the business during the rest of 2012 and 2013. MiCardia plans to use the proceeds of this funding to expand the commercialisation of its enCorSQ mitral valve repair system in Europe and selected countries worldwide.
Article Source: Cardiovascular Device Business