Myocor, Inc. Announces Completion of $24 Million Series D Financing.MINNEAPOLIS -- Financing to Fund Completion of Clinical Trials for Coapsys(TM) Device with the Potential to Benefit Patients Suffering from a Leaking Heart Valve Myocor(R), Inc., a clinical evaluation clinical evaluation Medtalk An evaluation of whether a Pt has symptoms of a disease, is responding to treatment, or is having adverse reactions to therapy stage medical device company, announced today that it has completed a $24 million Series D round of financing, led by Prism Venture Partners, Westwood, MA. Additional investors participating in the round included: Affinity Capital Management, Minneapolis, MN; Alta Partners, San Francisco, CA; Coral Ventures, Minneapolis, MN; Institutional Venture Partners, Menlo Park, CA; Investor Growth Capital, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY; St. Paul Venture Capital, St. Paul, MN; and Tullis-Dickerson and Company, Greenwich, CT. This latest financing will be directed to two key initiatives: to complete the clinical trial of Myocor's Coapsys(TM) Annuloplasty System, a less invasive therapy for the treatment of mitral regurgitation mitral regurgitation n. Abbr. MR See mitral insufficiency. mitral regurgitation Chronic mitral valve regurgitation, mitral insufficiency Cardiology Backflow of blood from the left ventricle to the left (leaking heart valve), as well as to complete development and initiate the first human clinical trials of Myocor's next-generation, catheter-based (interventional) technology to treat the mitral valve mitral valve n. A valve of the heart, composed of two triangular flaps, that is located between the left atrium and left ventricle and regulates blood flow between these chambers. Also called bicuspid valve, left atrioventricular valve. . "Thus far, 60 patients have been implanted with the Coapsys device and results have been encouraging after one year," said Brian O'Connell, Myocor's president and chief executive officer. "We are pleased that our investors share our confidence in Myocor's prospects and progress in clinical evaluations for the Coapsys device. These funds will enable us to complete our clinical evaluations of a novel medical technology that has the potential to help millions of people who suffer from mitral valve disease." "We think Myocor has what it will take to become the standard of care for mitral valve insufficiency Mitral Valve Insufficiency Definition Mitral valve insufficiency is a term used when the valve between the upper left chamber of the heart (atrium) and the lower left chamber (ventricle) does not close well enough to prevent back flow of blood when the ," said Gordie Nye, general partner at Prism Venture Partners. "Myocor possesses an experienced, talented management team; the company's product line is truly a pipeline of products to serve both the surgical and interventional segments of cardiology; and their early human results are fantastic." Myocor is sponsoring the RESTOR-MV trial (Randomized ran·dom·ize tr.v. ran·dom·ized, ran·dom·iz·ing, ran·dom·iz·es To make random in arrangement, especially in order to control the variables in an experiment. Evaluation of a Surgical Treatment for Off-Pump Repair of the Mitral Valve), a multi-center, prospective, randomized clinical trial randomized clinical trial, n a clinical study where volunteer participants with comparable characteristics are randomly assigned to different test groups to compare the efficacy of therapies. that will evaluate the safety and effectiveness of the Coapsys device in treating moderate to severe mitral valve regurgitation regurgitation /re·gur·gi·ta·tion/ (re-ger?ji-ta´shun) 1. flow in the opposite direction from normal. 2. vomiting. in patients who are undergoing coronary artery bypass grafting. Mitral valve regurgitation is known to cause progression into or a worsening of heart failure, and affects approximately 15 million people globally. The data from this trial will be used to support a market approval application to the Food and Drug Administration. Leading cardiac surgeons and cardiologists are conducting the RESTOR-MV trial at up to 25 medical centers nationwide and will enroll up to 250 patients. About the Coapsys Annuloplasty System Currently millions of people suffer from mitral regurgitation either due to heart failure or coronary artery disease coronary artery disease, condition that results when the coronary arteries are narrowed or occluded, most commonly by atherosclerotic deposits of fibrous and fatty tissue. . Left untreated, mitral valve regurgitation results in progressively worse heart failure disease as well as incidence of atrial fibrillation atrial fibrillation Irregular rhythm (arrhythmia) of contraction of the atria (upper heart chambers). The most common major arrhythmia, it may result as a consequence of increased fibrous tissue in the aging heart, of heart disease, or in association with severe infection. . Geometric remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling of the heart is a common result for millions of patients with heart disease. As the heart remodels, it enlarges, and valve structures are stretched, leading to inefficient and leaking valves. Current treatment methods, such as annuloplasty rings to repair the valve of a weak heart, present a high mortality risk during invasive, open-heart surgeries that require the use of a heart-lung bypass machine. In comparison, the Myocor Coapsys is designed to offer a simpler and less-invasive therapy. About Myocor, Inc. Myocor, Inc. is a clinical evaluation stage company whose mission is to design, develop and manufacture less invasive, implantable devices to treat mitral valve insufficiency and congestive heart failure congestive heart failure, inability of the heart to expel sufficient blood to keep pace with the metabolic demands of the body. In the healthy individual the heart can tolerate large increases of workload for a considerable length of time. . The company has initiated the first prospective, randomized clinical trial evaluating their surgical Coapsys technology and is also developing a similar catheter-based technology to be applied in the interventional cardiology interventional cardiology Cardiology The subspecialty of cardiology dedicated to the diagnosis, medical and mechanical therapy, pre- and post-procedure management of adult patients with acute and chronic forms of cardiovascular disease amenable to catheter-based segment. Myocor was founded in 1996 and is based in Maple Grove, Minn. For more information, visit www.myocor.com. About Prism Venture Partners Prism Venture Partners, Westwood, Mass., is a leading venture capital firm with early-stage investments in communications, business infrastructure software and systems and life sciences. With over $1 billion in capital under management, Prism has earned industry recognition through the firm's depth of entrepreneurial experience and active role with portfolio companies. Prism's access to an established pool of seasoned entrepreneurs and skilled executives, collaborative approach to working with portfolio companies and integrated network of investors contribute to the firm's investment success. Additional information on Prism Venture Partners can be found at www.prismventure.com. |
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