Cardiac Dimensions, a US-based cardiac surgery device developer backed by pharmaceutical firm Johnson & Johnson and financial services group Mitsubishi UFJ Financial, has closed a $39m series B round.
The round included venture capital firms Arboretum Ventures and Lumira Capital, superannuation fund Hostplus, investment firms LSP and Aperture Venture Partners, asset management firm MH Carnegie and venture debt from Oxford Finance.
Cardiac Dimensions has developed an implantable device called the Carillon Mitral Contour System to help reattach the mitral annulus, a barrier situated in the left side of the heart that can be damaged when the heart fails.
The device is intended to treat functional mitral regurgitation (FMR), a serious complication where the heart’s left ventricle swells and causes blood to flow towards the atrium, the heart’s upper chamber.
The funding will be used to complete ongoing US and global trials for the device as Cardiac looks to accumulate a clinical evidence base for treating FMR patients.
Cardiac Dimensions has now raised a total of $155m in debt and equity financing according to press releases and securities filings, most recently closing a $43m round featuring LSP, Aperture Venture Partners, Lumira Capital, MH Carnegie and Arboretum Ventures in 2015.
The earlier funding included a $35.5m series D round co-led by corporate venturing unit Johnson & Johnson Development Corp and Lumira Capital.
The series D, which closed in 2007, was backed by Mitsubishi UFJ unit Mitsubishi UFJ Capital, West River Capital, Montgomery and Company, Frazier Healthcare Partners, InterWest Partners, MPM Capital and Polaris Venture Partners.