MINNEAPOLIS, Sept. 10, 2018 /PRNewswire/ -- 4C Medical Technologies, Inc. (4C Medical), a privately-held medical technology company focused on the development of minimally invasive therapies for structural heart disease, today announced that it completed a private placement of shares of its Series A Preferred Stock earlier this week, resulting in total gross proceeds of approximately $17 million.
4C Medical intends to use the combined proceeds from its Series Seed and Series A financings to fund the continued development of its AltaValveTM Transcatheter Mitral Valve Replacement (TMVR) device.
"The additional capital from our Series A financings significantly bolsters our ability to fund the next critical phases of our AltaValve development program, including a transition to the clinical phase of the company," said Robert J. Thatcher, President and CEO of 4C Medical.
The Series A Preferred Stock financing was led by an undisclosed multi-national strategic investor and included participation from existing investors.
About 4C Medical Technologies, Inc.
4C Medical is a medical device company developing minimally invasive therapies for structural heart disease, focusing initially on mitral regurgitation (MR) therapy and subsequently on tricuspid regurgitation (TR) therapy. The company's implant device candidate is the first MR therapy with supra-annular positioning and atrial-only fixation. It is designed to preserve the native mitral valve and left ventricle, eliminating all the known issues associated with transcatheter mitral valve replacement technologies in development today, which rely on placement and fixation in the native mitral annulus and left ventricle.
For additional information about 4C Medical, please visit its website at www.4CMed.com.
4C Medical Technologies, Inc.
Chief Executive Officer
Chief Financial Officer
SOURCE 4C Medical Technologies, Inc.