MiCardia completes Rs. 360 Mn private financing

MiCardia completes 360 Mn private financing

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Irvine, CA: MiCardia, which develops implantable devices for the treatment of heart disease, has announced the completion of a $9 million ( 360 million) series B preferred financing. This financing was led by HBM Biocapital, with additional shares sold to Japan Asia Investment Company, the MedFocus Family of Funds, the BioStar Private Equity Fund, LLC and a number of private individuals. The proceeds from this financing will be used to further develop the Company's Dynamic Adjustable Cardiovascular Implant Technologies and initial human clinical trials for its' initial products.

MiCardia is an emerging company developing a novel technology for the minimally invasive and non-invasive adjustable cardiovascular implants for the treatment of various stages of Congestive Heart Failure (CHF). CHF is one of the most pervasive diseases affecting the population in the West, impacting the lives of more than 23 million people and representing a market estimated to be over $15 billion annually. MiCardia's goal is to provide a less-invasive, and potentially non-invasive, method of treating advanced CHF patients. MiCardia has filed 22 patents covering its approach to treat mitral valve disease and late-stage heart failure.

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