MitrAssist Completes US$1 Million Funding
MitrAssist has completed a US$1 million round of financing from angel investors and a multinational private strategic investor. The company set out to raise US$600,000 in April this year and, due to overwhelming response, substantially exceeded its raise target. The funds raised will be used to complete transapical chronic studies on animals, MitrAssist's next milestone.
MitrAssist has developed a minimally invasive approach to treating mitral regurgitation (MR). The proprietary implant is placed on top of the heart's own mitral valve and works in unison with it to enhance the valve's functionality. This valve-in-valve approach brings an improved, safe, cost-effective treatment solution for all MR patients, especially patients who are unsuitable for open-heart surgery, the only current solution. The company's novel system offers a number of significant advantages: it preserves the natural mitral valve functionality, has minimal effect on heart physiology, conforms to any anatomical shape, and is designed for long-lasting results. It is also easy to implant and dramatically decreases the length of the procedure and patients' recovery time. The company has a patent pending.