Mitralign, a US-based heart treatment developer backed by medical device maker Medtronic and healthcare company Johnson & Johnson, revealed $39.8m in series E funding today from undisclosed investors.
Founded in 2003, Mitralign is developing therapies for conditions affecting the heart valve, functional triscupid regurgitation (FTR) and functional mitral regurgitation (FMR), that can result in heart failure. FTR affects 1.6 million patients in the US, while FMR affects a combined eight million in the US and Europe.
The company will use the money to accelerate clinical trials in the US and in Europe for its Trialign product, and to support a commercial launch of its Mitralign Percutaneous Annuloplasty System in Europe.
Mitralign received $8m in equity funding in 2014 and $1.9m in equity and convertible notes in October 2012, according to regulatory filings. It also secured $7m in debt financing in September 2012 from Horizon Technology Finance Corporation and Square 1 Bank.
The company raised $35m in a May 2012 series D round from a consortium featuring Johnson & Johnson Development Corporation, Johnson & Johnson’s corporate venturing division, and Medtronic.
The series D round was led by Forbion Capital Partners and included Saints Venture Capital, Oxford Bioscience Partners, Triathlon Medical Ventures, Orchestra Medical Ventures, Oakwood Medical Investors, Palisade Capital Management and Giza Venture Capital.
Mitralign had previously raised a total of $42m in funding from investors also including Accelerated Technology Partners and ABN Amro Capital.