CardioKinetix, the US-based developer of a catheter-based treatment for heart failure, raised $50m in a late-stage round led by heart valve producer Edwards Lifesciences on Monday.
The round also included US Venture Partners, Tekla Healthcare Investors, Tekla Life Sciences Investors, SV Life Sciences, Panorama Capital, New Leaf Venture Partners and Lexington Private Equity, all of which took part as returning investors.
Edwards made the investment as part of an agreement that gives it the right to acquire CardioKinetix based on certain future milestones.
The cash raised from the round will support the completion of a pivotal clinical trial for CardioKinetix’s ventricular partitioning device and the company’s international expansion.
The funding follows a $48m series E round raised between 2011 and 2013, and $17.8m that was secured in 2008, according to a regulatory filing.