Tioga Cardiovascular Closes $30M in Series C Financing

Tioga Cardiovascular, a Shifamed portfolio company that aims to redefine structural heart valve replacement, announced today the first closing of its $30M Series C financing. Led by Cormorant Asset Management, with significant participation from The Capital Partnership, AMED Ventures, the PA MedTech VC Fund, and Shifamed angel investors, the financing will be used to continue product development, support pre-clinical testing, and initiate first-in-human use for the company’s novel transseptal mitral valve replacement (TMVR) technology.

“Transcatheter mitral valve replacement is still in its infancy and is becoming an important therapeutic alternative for our patients with severe mitral regurgitation,” said Azeem Latib MD, Director of Interventional Cardiology, Montefiore Medical Center. “Tioga’s approach has the potential to address significant unmet clinical needs in TMVR, namely smaller delivery system size, transseptal delivery, less left ventricular outflow tract (LVOT) obstruction, and procedural simplicity. I look forward to working with the company as they move into first in human use later this year.”

“Despite innovations in structural heart technologies, advancements in treatment options for mitral regurgitation remain limited and there is a need for a low-profile device that is easier to deliver and does not interfere with the anatomy once implanted. Tioga has developed an elegant, highly differentiated solution for this underserved and growing segment of the structural heart market,” commented Bihua Chen, Founder and Chief Executive Officer, Cormorant Asset Management. “We are pleased to lead this round as we see a significant opportunity to simplify and improve the safety and efficacy of TMVR procedures.”

Mitral valve disease is the largest structural heart valve problem, impacting more than 6.6 million people, approximately four times more common than aortic stenosis. Directly tied to heart failure, mitral valve disease can increase cardiac workload and is associated with increased morbidity and mortality. Most patients are often too sick to undergo the surgical approaches available today due to the high risk of complications, leaving many patients undertreated. Similar to the recent adoption for transcatheter aortic valve replacement (TAVR), there is a significant clinical need for less invasive, transcatheter approaches for mitral valve replacement.

“Tioga is committed to providing physicians and patients with a next-generation transcatheter intervention that is less invasive, more adaptable and streamlines procedural workflows,” stated Mike Dineen, President and Chief Executive Officer, Tioga Cardiovascular. “We are proud of the incredible work our team has accomplished and are grateful for the strong, continued support from our investors as we continue to advance our mission.”