BROOKLYN PARK, Minnesota, July 19, 2017 /PRNewswire/ -- 4C Medical Technologies, Inc. (4C Medical), a medical technology company focused on the development of minimally invasive therapies for structural heart disease, today announced it has completed a private placement of unsecured convertible promissory notes resulting in gross proceeds to the company of approximately $9 million. 4C Medical intends to use the proceeds from the financing to fund the continued development of its transcatheter technology for the treatment of mitral regurgitation (MR). The financing was led by an investment of $3.5 million by Anges Québec, the largest angel network in Canada.
"We are pleased there has been such strong interest in our company and technology. Currently we are two quarters ahead of our 2017 milestones and goals. Due to this early success we decided to accelerate key 2018 milestones. To fund this acceleration, we announced in May of this year our intention to increase our convertible note offering goal from $4 million to $8 million," said Robert Thatcher, CEO of 4C Medical. "The proceeds from this financing will be used to finalize the design of our technology, which will be used in our planned early feasibility study in the United States, and possibly Japan, to achieve first-in-human implants."
4C Medical is developing the first transcatheter MR therapy that preserves the native mitral valve and left ventricle using a supra-annular, atrial-only fixation technology. This novel technology is designed to eliminate the known issues of current transcatheter mitral valve replacement (TMVR) technologies, which rely on placement and fixation in the native mitral annulus and/or the left ventricle.
"We are excited to invest in 4C Medical," said Stéphane Pilette, Vice President of Investment Support at Anges Québec. "With a proven leadership team and a truly novel TMVR technology that eliminates the issues seen with current TMVR technologies, 4C Medical has the potential to addresses a significant unmet need."
"The native mitral annulus is asymmetrical and the geometry of the valve leaflets is irregular, causing major challenges for TMVR technologies in development today, which depend on the unpredictable anatomy for sizing and anchoring," said Jeffrey Chambers, MD, Founder and Chief Medical Officer of 4C Medical. "Millions of patients suffer from MR and many are undertreated. Our mission is to develop a treatment option that overcomes these challenges. With the support of our investors, our team is dedicated to achieve this goal."
MR is a common heart valve disease affecting nearly 10 percent of Americans aged 75 years and older.1 MR occurs when the mitral valve leaflets do not close properly and allow blood in the left ventricle to leak back into the left atrium. It is a progressive disease and if left untreated, MR can lead to atrial fibrillation, pulmonary hypertension, heart failure and death.
About 4C Medical Technologies, Inc.
4C Medical is a medical device company developing minimally invasive therapies for structural heart disease, focusing initially on mitral regurgitation (MR) therapy and subsequently on tricuspid regurgitation therapy. The company's implant is the first MR therapy with supra-annular positioning and atrial-only fixation. It preserves the native mitral valve and left ventricle, eliminating known issues associated with transcatheter mitral valve replacement technologies which rely on placement and fixation in the native mitral annulus and left ventricle.
About Anges Québec
Anges Québec's mission is to help its 200 angel investors make profitable investments in innovative companies in a wide range of industries and in all regions of Quebec. To this end, the organization identifies the best entrepreneurs in innovation ready to start their commercial activities or real estate promotors developing promising new business projects while supporting angel investors believing in their success.
1. Nkomo VT, et al. Burden of valvular heart diseases: a population-based study. Lancet. 2006;368:1005-11. doi: 10.1016/S0140-6736(06)69208-8.
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