Cardiac Dimensions® Expands Equity Financing to $28.5M

KIRKLAND, Wash., Oct. 7, 2014 /PRNewswire/ -- Cardiac Dimensions^® today announced the addition of $8.5 million to its previously announced financing. Arboretum Ventures, a Michigan-based venture capital firm specializing in the healthcare sector, joined an international syndicate of institutional investors from Australia, the U.S. and Canada that includes M.H. Carnegie & Co. and Lumira Capital. Together with the financing announced in April, the aggregate amount raised in this round is $28.5 million.

This financing follows the presentation of long-term safety and efficacy data from the TITAN II trial, the company's third multi-center evaluation of its CARILLON^® Mitral Contour System^® and the expansion of its commercial presence. The proceeds from the financing will be used to support the completion of the company's REDUCE FMR clinical trial. REDUCE FMR is the first blinded, randomized clinical trial in the field of functional mitral regurgitation (FMR). Involving up to 20 leading hospitals, REDUCE FMR is being initiated with the objective to establish CARILLON as the gold standard therapy in the treatment of FMR. The proceeds will also be deployed for the purposes of accelerating and further expanding the company's commercial expansion plans.

"This financing is perfectly timed as we extend our commercial efforts, capitalizing on the compelling results from the TITAN II trial as well as beginning enrollment of patients into our REDUCE FMR study," stated Rick Stewart, Chief Executive Officer. "Adding Arboretum Ventures to our first-class investor syndicate significantly increases the depth of our financial backing, enabling the company to move forward aggressively toward its strategic and financial objectives."

An innovative, minimally-invasive therapy, the CARILLON system is designed to treat heart failure patients suffering from FMR, a condition in which blood flow to the body is reduced due to an abnormally enlarged mitral valve. An estimated 70 percent of the 20 million people worldwide with heart failure suffer from FMR. 

About CARILLON^® Mitral Contour System^®
Cardiac Dimensions' CARILLON Mitral Contour System combines a proprietary, implantable device with a percutaneous catheter delivery system. The implantable device consists of a proximal anchor and a distal anchor connected by a shaping ribbon. Utilizing the heart's natural structures, the device is intended to reduce mitral annulus dilatation upon deployment, thereby significantly reducing functional mitral regurgitation (FMR). Rapidly delivered via the venous vasculature, CARILLON has the potential to treat most heart failure patients in a minimally invasive fashion. Clinical data suggests that usage is associated with significant reduction in FMR, and significant improvement in functional capacity and quality of life.

About Functional Mitral Regurgitation
More than 20 million people worldwide have heart failure, most of whom also suffer from functional mitral regurgitation (FMR). FMR typically results from the dilation of the left ventricle, which is the main pumping chamber in the heart. As the left ventricle increases in size, the mitral valve also expands. This dimensional increase leads to mitral regurgitation, which significantly reduces the amount of blood flow out of the left ventricle and on to the body and its organs. FMR has been associated with high rates of mortality, reduced functional capacity, poor quality of life and an increase in patient hospitalizations. Current mainstream therapies to address FMR are limited. A majority of patients become refractory to medical therapy, which is the current standard of care and traditional surgical intervention is associated with high rates of operative morbidity and mortality.

About Cardiac Dimensions^®
Cardiac Dimensions is a leader in the development of innovative, minimally invasive treatment modalities to address heart failure and related cardiovascular conditions. The company's initial technology platform, the CARILLON Mitral Contour System has been designed to address functional mitral regurgitation, utilizing a novel percutaneous approach. Cardiac Dimensions has operations in Kirkland, Washington; Sydney, Australia and Frankfurt, Germany. For more information, visit the company's web site: http://www.cardiacdimensions.com.

Cardiac Dimensions, CARILLON and Mitral Contour System are registered trademarks of Cardiac Dimensions.

SOURCE Cardiac Dimensions

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