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CardioMech Raises $13 Million for Transcatheter Mitral Chordal Repair Technology

January 8, 2024  | Matthew Whitehead

CardioMech AS (“CardioMech”) announced that the company successfully raised $13 Million in capital in addition to the $18.5 Million Series A financing in 2020 bringing total funding to $42 Million.

CardioMech is a clinical-stage medical technology company based out of Norway that is developing a catheter-based therapy device for treating mitral regurgitation. According to the Mayo Clinic and American Heart Association, mitral regurgitation is the most common type of heart valve disease that occurs when the flaps of the mitral valve do not close properly, causing backward flow of blood back to the heart. CardioMech describes its investigational device as an artificial chord that is designed to reduce or eliminate regurgitation and to restore the native anatomy. The artificial chord extends between a flap of the mitral valve and a wall of the left ventricle. An image of the investigational device from CardioMech’s website is shown below:

Jacob Bergsland, Founder of CardioMech, stated that:

[t]here is a significant need for a less-invasive technology that can eliminate mitral regurgitation in younger and healthier patients and Norwegian-born CardioMech is developing a category-defining technology that may benefit patient’s suffering from mitral regurgitation around the world.

According to Allied Market Research, the market to treat mitral regurgitation has increased from $2.5 Billion in 2021 and is expected to reach $5.7 Billion by 2031 growing at a CAGR of 8.8% from 2022 to 2031.

The full press release from CardioMech is available here.

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CardioMech Raises $13 Million for Transcatheter Mitral Chordal Repair Technology Headshot

Matthew Whitehead

Matt is an associate in our Seattle office. His practice includes several areas of intellectual property law, including patent drafting, due diligence, infringement analysis, trademark registration, and licensing. Matt has assisted clients with a diverse range of technologies, such as:

Medical technology: including cancer therapies, orthotic boots and slings, and advanced medical devices for surgery and imaging

Robotic technology: encompassing waste sorting and parcel processing robots, wearable exoskeleton devices, and cutting-edge micro-surgery robots

Space technology: featuring biowaste recycling systems, launch vehicle landing systems, and innovative propulsion systems

Food processing technology: including in automated systems for sorting food items and deboning animal products

Artificial flooring technology: encompassing state-of-the-art products and manufacturing methods for laminate flooring

Prior to joining the firm, Matt worked for Kinex Medical Company as a product engineer and a director of manufacturing operations. In these roles, he played a crucial part in designing and supervising the production of a tablet-powered knee Continuous Passive Motion (CPM) device. Matt also gained valuable legal experience as a law clerk for the Utah Attorney General’s Office in the Tax and Antitrust Division, where he contributed to antitrust regulation efforts in Utah.

Matt earned his Juris Doctor from the University of Utah - S.J. Quinney College of Law. While there, he served on the executive board of the Student Intellectual Property Law Association and was a Note and Comment Editor for the Utah Law Review. Matt also holds a bachelor's degree in mechanical engineering, with an emphasis in robotics and controls, from the University of Utah.

View all posts published by Matthew Whitehead
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