Thursday, December 8, 2022

Tioga Medical, A Shifamed Portfolio Company, Closes $30M In Series B Financing

Tioga Medical, Inc., a Shifamed portfolio company that aims to redefine structural heart valve replacement, announced today the initial closing of its committed $30M Series B financing. Led by The Capital Partnership (TCP), with participation from Cormorant Asset Management, AMED Ventures, and Shifamed angel investors, the financing will be used to advance product development, support pre-clinical testing, and initiate clinical experience for the company’s novel transcatheter valve replacement technology.

“Current valve replacement approaches are either surgically invasive, anatomically limited, or procedurally complex, hindering use despite the significant clinical need. Tioga’s proprietary technology aims to address these challenges with a less invasive, more adaptable transcatheter intervention,” commented Gautam Kainth, Managing Director at TCP. “We are pleased to lead this round and look forward to delivering this much-needed solution to this large and underserved segment of the structural heart market.”

Mitral valve disease is the company’s initial focus and is the largest structural heart valve problem, roughly four times more common than aortic stenosis.1,2 Directly tied to heart failure, mitral valve disease can increase cardiac workload and is associated with increased morbidity and mortality. Current surgical approaches are invasive and not widely utilized, leaving many patients undertreated. Similar to the recent adoption for transcatheter aortic valve replacement (TAVR), there is a significant clinical need for less invasive, transcatheter approaches for mitral valve replacement.

“We are extremely pleased to close this round of financing with strong, continued support from our investors, validating the clear unmet need in this space,” stated Mike Dineen, President and CEO of Tioga Medical. “We look forward to furthering our development efforts and demonstrating the performance of Tioga’s next-generation design to simplify and improve the safety and efficacy of transcatheter valve replacement procedures for both physicians and patients.”

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