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CardiAQ gets backing from former CoreValve investors

This article was originally published in Clinica

Executive Summary

CardiAQ Valve Technologies, a firm developing a novel technology for transcatheter mitral valve implantation, has raised $6.5m in series A financing. Winchester, Massachusetts-based CardiAQ Valve will use the proceeds to validate its technology – claimed to be the first of its kind to have self-conforming and self-anchoring features – and take it through to first-in-man studies. The financing was led by a syndicate of private investors who had previously backed CoreValve, a company which specialises in percutaneous aortic valve replacement. CoreValve was bought by Medtronic in February 2009. Among the investors in CardiAQ is former president and chief operating officer of CoreValve, Rob Michiels. Mr Michiels was elected to CardiAQ’s board of directors in September last year (www.clinica.co.uk, September 22 2009). Broadview Ventures, which made an earlier investment in CardiAQ, also contributed to the series A round. According to CardiAQ, the mitral valve market is estimated to grow to $1.2bn by 2014.

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