Tele: 561.316.3330
Breaking Medical Device News

Monday, October 18, 2021
HomeAncora Heart Inc.Ancora Heart Announces $17.8 Million Financing for First-of-Its-Kind Therapy for Systolic Heart...

Ancora Heart Announces $17.8 Million Financing for First-of-Its-Kind Therapy for Systolic Heart Failure

Funds Will Support Continued Clinical Evaluation of the AccuCinch Left Ventricular Repair System

May 30, 2918

Ancora Heart, Inc., a company developing a novel therapy to address heart failure, today announced the closing of an initial tranche of $17.8 million in a financing round expected to reach $30 million, led by Savitr Capital and other existing investors.

Ancora Heart’s AccuCinch® Ventricular Repair System is a minimally invasive investigational treatment for heart failure and functional mitral regurgitation (FMR). The AccuCinch procedure is intended to directly repair the enlarged left ventricle, targeting the underlying cause of heart failure. The system is designed to reduce the size of the left ventricle, improve left ventricular function, and reduce symptoms of heart failure, with the goal of improving quality of life for patients.

The financing will be used to support clinical trials evaluating safety and efficacy of the AccuCinch, as well as ongoing product development efforts.

“Effectively treating heart failure and FMR is incredibly challenging today, and there are enormous unmet needs for these patients. This funding represents an important milestone that will advance the AccuCinch system as an alternative option that addresses the shortcomings of current heart failure and FMR treatments,” said Jeff Closs, president and CEO of Ancora Heart. “We have been encouraged by early clinical results and engagement from leading heart centers participating in studies of the AccuCinch system and look forward to continuing to work with them to better understand the potential benefits of our innovative technology.”

The AccuCinch therapy has the potential to treat heart failure and FMR patients in whom the disease has progressed beyond the ability for medications and pacemakers to manage symptoms, or for whom the risks of open-heart surgery are too high. Unlike current technologies that replicate surgical procedures to replace or repair an otherwise-normal mitral valve, AccuCinch is designed to repair the left ventricle directly to enable proper mitral valve function.

About 6.5 million U.S. adults live with heart failure, a condition in which the heart’s muscles slowly weaken and lose their ability to pump enough oxygen-rich blood to the body.1 Up to 74 percent of people with heart failure also suffer from FMR, a condition caused when the left ventricle of the heart becomes enlarged to the point where it pulls the mitral valve leaflets apart and allows blood to flow backwards into the left atrium.2 Heart failure and FMR patients suffer from debilitating symptoms including persistent exhaustion, trouble breathing, confusion and loss of memory. There is no cure for heart failure or FMR, and about half of people who develop heart failure die within five years of diagnosis.1


References

1 Benjamin E.J., Blaha M.J., Chiuve S.E., et al. Heart disease and stroke statistics—2017 update: a report from the American Heart Association. Circulation 2017; 135: pp. e146-e603

2 Al-Amri, H. S., Al-Moghairi, A. M., & El Oakley, R. M. (2011). Surgical treatment of functional mitral regurgitation in dilated cardiomyopathy. Journal of the Saudi Heart Association, 23(3), 125–134. http://doi.org/10.1016/j.jsha.2011.04.001

Medical Device News Magazinehttps://infomeddnews.com
Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

Stay Connected

spot_img

Don't Miss

Ganymed Robotics Awarded a €2.5M Grant from the EC through the EIC Accelerator Program

Ganymed Robotics is developing a radically new approach to surgical robotics by combining computer vision, a branch of artificial intelligence, and mechatronics.

Global Healthcare Exchange Announces Acquisition of Explorer Surgical

Explorer Surgical will operate as a wholly-owned subsidiary of GHX.

Arlington Scientific Broadens Product Portfolio and Further Expands its Product Offering Through the acquisition of Non-Mammalian Blocking Buffers

Arlington Scientific, Inc. (ASI) is pleased to announce that it has acquired the non-mammalian blocking buffer product line from Clark McDermith, former owner of...

Laborie Medical Technologies Acquires Pelvalon

Laborie was represented by Piper Sandler (financial advisor) and Simpson Thacher & Bartlett LLP (legal advisor). Pelvalon was represented by J.P. Morgan Securities LLC (financial advisor) and Dorsey & Whitney LLP (legal advisor).

Herculite Products, Inc. Promotes Two Employees to New Roles

Paul Flaherty Chief Strategy Officer and Marco Angelone is being promoted to the role of Chief Financial Officer.

Prof. Joseph Kvedar Added to the Sweetch Advisory Board Member

Prof. Josdeph Kvedar is the current chair of the board at the American Telemedicine Association (ATA), formerly VP of Connected Health at Mass-Gen Brigham, co-chair of the American Medical Association (AMA) Digital Medicine Payment Advisory Group, and author of The Internet of Healthy Things and The New Mobile Age.

Sid Bala Named President of HealthChampion

Sid Bala is the former president and chief executive officer of alligatortek, a custom software applications company that was acquired by HealthChampion in 2020 where he led them for 27 years after he founded the business

Cochlear Announces FDA Approval and Clearance of first-of-its-kind Remote Care Capabilities for Nucleus and Baha Systems

The FDA approval for the cochlear implant solution and FDA clearance for the Baha solution is the first step in commercializing the product offering, anticipated spring 2022, and complement Cochlear's existing Remote Care offerings.

By using this website you agree to accept Medical Device News Magazine Privacy Policy