Tioga Cardiovascular, a Shifamed portfolio company aiming to reinvent structural heart valve replacement, announced the first closing of its $30 million Series C financing today.
The funding will be used to continue product development, support pre-clinical testing, and begin first-in-human use of the company’s novel transseptal mitral valve replacement (TMVR) technology, led by Cormorant Asset Management, with significant participation from The Capital Partnership, AMED Ventures, the PA MedTech VC Fund, and Shifamed angel investors.
Mitral valve disease is the most common structural heart valve problem, affecting over 6.6 million people and being four times more common than aortic stenosis. 1,2 Mitral valve disease, which is directly related to heart failure, can increase cardiac workload and is associated with increased morbidity and mortality.
Because of the high risk of complications, most patients are frequently too sick to undergo the surgical approaches available today, leaving many patients untreated. There is a significant clinical need for less invasive, transcatheter approaches to mitral valve replacement, similar to the recent adoption of transcatheter aortic valve replacement (TAVR).
“Tioga’s unique approach to addressing mitral regurgitation has the potential to revolutionize the treatment landscape for patients in need. The low-profile design and ease of delivery make it a game-changer in the structural heart market,” said Bihua Chen, Founder and CEO of Cormorant Asset Management. “As a leader in this round of funding, we are confident in Tioga’s ability to simplify and improve the safety and efficacy of TMVR procedures and deliver real value to patients and physicians alik
Tioga Cardiovascular, a privately held portfolio company of Shifamed LLC, is focused on providing elegant valve replacement solutions for mitral and tricuspid applications that are procedurally simpler and use a less invasive, transcatheter approach.