CardioKinetix, a US-based medical device company backed by merchant banks, has extended its series E round by $4m from venture capital firm Panorama Capital.
In September 2011, CardioKinetix closed a two tranche round of series E financing worth $44m, led by venture capital (VC) firms SV Life Sciences and New Leaf Venture Partners.
Further participation came from financial services firm JP Morgan’s corporate venturing unit, JP Morgan Partners, and H&Q Healthcare Investors, the corporate venturing division of investment adviser Hambrecht and Quist, as well as VC firm US Venture Partners.
Both H&Q and JP Morgan, together with VC firm Cutlass Capital, had previously invested in CardioKinetix’s series C round, which raised $14.5m in 2008. Another of CardioKinetic’s prior backers is Panorama Capital, the VC firm which spun out from JP Morgan Partners in 2006.
CardioKinetix is currently conducting clinical trials in Europe for its Parachute transcatheter implant, designed to combat heart failure. The investment will fund the continuing trials as well as initial commercialisation of the device.