NeoChord Pulls In $20M

What does NeoChord do?

NeoChord, is a medical device company which develops devices that allow mitral valve repair to be performed on a beating heart. It is a venture backed company that developed a proprietary device which allows mitral valve repair to be performed on a beating heart via 2-3 inch incision between the ribs in patients with severe, degenerative mitral valve regurgitation. Normally mitral valve repair procedures are done through 3-10 inch incisions which involves cutting through the sternum, opening the rib cage, stopping the heart and placing the patient on bypass.

How much NeoChord was funded?

NeoChord raised $20M in Series C funding on June 9, 2015 from Heron Capital, CHV Capital, TGap Ventures, Baird Capital, Hopen Life Science Ventures and Deerfield Capital Management

Previous funding

$3.4M in Series A on June 16, 2009

$5.1Min Series B funding onJuly 29, 2011

$3M in Debt Financing on October 25, 2013 from Square 1 Bank

What is next for NeoChord?

NeoChord plans to use latest funding raised in clinical and regulatory advancement, research and development, sales and marketing and working capital. As part of the funding, Nicols Wlker and Avi Kometz from Baird Capital and Deerfield will join the board of directors of NeoChord.

More about NeoChord

NeoChord was founded in 2007 and has its headquarters in Eden Prairie, MN. This biotechnology company has developed a proprietary device which enables mitral valve repair to be performed with a minimally invasive approach in patients with mitral valve regurgitation. Normally the mitral valve repairs involves an access to the heart by opening the sternum and rib cage (sternotomy), stopping the heart and placing the patient on a bypass machine. But with NeoChord device the procedure can be performed with minimally invasive opening and on a beating heart. This device has brought an innovative approach to mitral valve repair.