Cardiac Dimensions adds $8.5M to its previously announced financing

Cardiac Dimensions^® today announced the addition of $8.5 million to its previously announced financing. Arboretum Ventures, a Michigan-based venture capital firm specializing in the healthcare sector, joined an international syndicate of institutional investors from Australia, the U.S. and Canada that includes M.H. Carnegie & Co. and Lumira Capital. Together with the financing announced in April, the aggregate amount raised in this round is $28.5 million.

This financing follows the presentation of long-term safety and efficacy data from the TITAN II trial, the company's third multi-center evaluation of its CARILLON^® Mitral Contour System^® and the expansion of its commercial presence. The proceeds from the financing will be used to support the completion of the company's REDUCE FMR clinical trial. REDUCE FMR is the first blinded, randomized clinical trial in the field of functional mitral regurgitation (FMR). Involving up to 20 leading hospitals, REDUCE FMR is being initiated with the objective to establish CARILLON as the gold standard therapy in the treatment of FMR. The proceeds will also be deployed for the purposes of accelerating and further expanding the company's commercial expansion plans.

"This financing is perfectly timed as we extend our commercial efforts, capitalizing on the compelling results from the TITAN II trial as well as beginning enrollment of patients into our REDUCE FMR study," stated Rick Stewart, Chief Executive Officer. "Adding Arboretum Ventures to our first-class investor syndicate significantly increases the depth of our financial backing, enabling the company to move forward aggressively toward its strategic and financial objectives."

An innovative, minimally-invasive therapy, the CARILLON system is designed to treat heart failure patients suffering from FMR, a condition in which blood flow to the body is reduced due to an abnormally enlarged mitral valve. An estimated 70 percent of the 20 million people worldwide with heart failure suffer from FMR.