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DC Devices Closes $34m Series D Financing to Complete Clinical Evaluation of the First Transcatheter Device to Treat Diastolic Heart Failure
TEWKSBURY, MA – July 1, 2014 — DC Devices, Inc., a medical device company pioneering first-in-class structural heart devices, has closed a $34 million Series D financing round. Accelmed led the round with contributions from existing investors Third Rock Ventures, General Catalyst Partners, and Lumira Capital, as well as a new undisclosed strategic investor. Funds will be used to complete clinical evaluation of the world's first transcatheter device for the treatment of diastolic heart failure (DHF), a $5 billion global market opportunity.
With heart failure representing the single-biggest cause of hospitalizations in many countries, and the largest expense in the U.S. Medicare budget, new therapies that reduce the heart failure hospitalization rate and improve patients' quality of life are needed.
The Company's proprietary, minimally invasive InterAtrial Shunt Device (IASD™) System is the world's first device intended to treat DHF, also known as heart failure with preserved ejection fraction (HFpEF). By placing a permanent implant in the atrial septum, the IASD System is designed to reduce elevated left atrial pressure and relieve symptoms. The innovative IASD System allows physicians to perform this transcatheter treatment without open-heart surgery and in a controlled fashion, using standard interventional cardiology techniques.
"Patients who suffer from diastolic heart failure have no effective treatment options and have a poor survival rate," said George Fazio, President and CEO of DC Devices. "With the support of our investors and the guidance of our clinical advisors, we are now one step closer to bringing a potentially transformative new therapy to heart failure patients around the world."
The DC Devices clinical advisory board is comprised of a group of international, multi-specialty, leading physicians who bring a broad range and depth of expertise to the Company. The advisory board, which provides medical and strategic guidance for product development, clinical, and commercialization activities, includes Drs. Martin Leon, Gerd Hasenfuβ, Sanjiv Shah, David Kaye, Piotr Ponikowski, Daniel Burkhoff, Ted Feldman, Laura Mauri, Matthew Maurer, John Cleland, and Barry Borlaug among others.
About DC Devices
DC Devices, Inc. is dedicated to revolutionizing the treatment of heart failure with first-in-class structural heart devices. The company has developed the world's first transcatheter device designed to treat diastolic heart failure (DHF), also known as heart failure with preserved ejection fraction (HFpEF). The InterAtrial Shunt Device (IASD™) System is designed to relieve elevated left atrial pressure (LAp), the main cause of DHF symptoms. The IASD System is designed to be cost-effective and is intended to dramatically improve patients' quality of life, while significantly reducing hospitalization costs. DC Devices is funded by Accelmed, Third Rock Ventures, General Catalyst Partners, Lumira Capital, and an undisclosed strategic investor. For more information, please visit www.dcdevicesinc.com.
Note: The IASD™ System is an investigational device not currently available for commercial distribution.
Ronald Trahan, APR, President
Ronald Trahan Associates Inc.
+1-508-359-4005, x108
Posted in Press Releases
« DC Devices Secures $9 Million Financing; Lumira Capital Joins Syndicate of Leading Investors
DC Devices Completes Enrollment In Clinical Trial of the First Transcatheter Device to Treat Diastolic Heart Failure; Announces Name Change to Corvia Medical »
Corvia Medical, Inc.
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The Corvia Atrial Shunt System (IASD®)
is indicated for the improvement in quality of life and reduction of heart failure related symptoms and events in patients with heart failure with preserved (HFpEF) or mid-range ejection fraction (HFmrEF) with elevated left atrial pressures, who remain symptomatic despite standard guideline directed medical therapy.
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CAUTION–Investigational Device. Limited by United States Law to Investigational Use.