Best known for its Parachute® Ventricular Partitioning Device, CardioKinetix, Inc., has completed a $50 million financing led by Edwards Lifesciences Corporation, with participation from other existing investors.
Cardiokinetix is a frequent visitor to our pages as we have updated the developing story of its intriguing catheter-based treatment for heart failure.
Along with the newly announced investment, Edwards now also has the right to acquire CardioKinetix based on future regulatory milestones. In the meantime however, Cardiokinetix says the new financing provides the company with the capital necessary to complete the PARACHUTE IV randomized pivotal clinical trial. Data from the study, which is currently enrolling patients in the United States, will be the basis for the company’s pre-market approval (PMA) submission to the U.S. FDA. The financing will also enable CardioKinetix to pursue international market development efforts in key geographies.
“We are very proud of our accomplishments to date, with more than 300 patients treated, four clinical trials completed and 23 publications on the Parachute therapy,” said Maria Sainz, president and CEO of CardioKinetix. “Heart failure remains a huge global clinical and economic challenge for healthcare systems, and Parachute holds the promise to bring needed improvements in mortality, quality of life, and care efficiency to clinical providers. We are pleased to have the support of Edwards Lifesciences and our premier investor syndicate as we further our efforts to complete the PARACHUTE IV trial and bring the Parachute therapy to patients around the world.”
Source: Cardiokinetix, Inc.