CardioMech Raises $2.5 Million in Heavily Oversubscribed Convertible Note

OSLO–(BUSINESS WIRE)–CardioMech
AS
announced today that it has closed on a convertible
note financing of $2.5 million, which was significantly
oversubscribed. The note included investments from experienced angel
investors in interventional cardiology and structural heart disease.

“This financing milestone demonstrates the rapid acceleration of the
development of CardioMech’s transcatheter mitral valve repair
technology. We have already begun testing prototypes of our highly
differentiated device, and we are moving onto the path toward the goal
of significantly improving the standard of care for patients suffering
from mitral valve disease,” said Rick
Nehm
, President and CEO of CardioMech.

“There are millions of patients who suffer from a leaky mitral valve due
to prolapse or flail, and most are not eligible for cardiac surgery,”
added Nehm. “This cash infusion will empower us to expedite development
of our catheter-based technology. Our goal is to provide physicians with
the right tool to treat these very sick patients — without the
risks
associated with open-heart surgery, which includes cardiac
arrest and the heart-lung bypass pump,” said Nehm.

“Transcatheter mitral valve chordal repair is an attractive market
segment, and we intend to lead it. The CardioMech device is designed to
be highly differentiated from competing technologies, and this
fundraising milestone is evidence of investors’ confidence in the
significant market opportunity. We are eager to support the company and
help bring its remarkable technology to market,” added Mark
Novotny
, Chairman of the Board of Directors for CardioMech.

About CardioMech AS
Headquartered in Oslo, Norway,
CardioMech AS is a privately held company that is developing a
transcatheter alternative to cardiac surgery for the placement of
artificial chords for the mitral heart valve.

Caution: The CardioMech device is in the early R&D development phase
and is NOT available for sale in any region of the world.

Contacts

Ronald Trahan, +1-508-816-6730, rtrahan@ronaldtrahan.com