Tioga Medical, a newly formed Shifamed portfolio company, announced today the closing of its Series A preferred stock financing, raising a total of $15M. Tioga Medical was founded to provide physicians and patients with an elegant transcatheter valve replacement experience that is procedurally simpler and less invasive than current mitral or tricuspid approaches, many of which require transapical access, intricate device sizing regimens, and/or excessive bulk in the ventricles.
Tioga Medical said the financing was led by The Capital Partnership (TCP), with significant participation from Cormorant Healthcare Fund, AMED Ventures, and Shangbay Capital. The funds will be used to advance Tioga Medical’s pre-clinical and clinical development programs.
“We are extremely pleased to close this round of financing with such strong support from our investors,” stated Mike Dineen, President and CEO of Tioga Medical. “This round allows us to build out a world class team and dramatically accelerate the progress of our novel mitral valve and delivery system before we leverage the technology for the tricuspid application.”
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. Current surgical approaches are invasive and not widely utilized, leaving many patients with mitral valve disease 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.
“The proprietary Tioga technology represents a truly innovative solution to a difficult clinical problem in the structural heart space,” stated Casey Gordon, Head of Private Investments at TCP. “TCP is excited to partner with a team with a strong track record of innovative medtech solutions. We believe this combination positions Tioga as an important, up-and-coming player in the mitral and tricuspid valve markets.”