BOSTON, Feb. 7, 2017 /PRNewswire/ --Nido Surgical, Inc., a development-stage medical device company focused on creating innovative solutions for beating heart surgery, has raised $1.3 million in a Series A financing led by Broadview Ventures (Boston, MA). The funds will be used to finance the development and First-In-Man studies of Nido Surgical' platform product, the CardioPort™. Nido Surgical has also received a $1.4 million Small Business Technology Transfer (STTR) grant from the National Institutes of Health to support this work.
The CardioPort is a novel patented platform designed to enable video-endoscopic trans-cardiac surgical repairs inside the beating heart. Based on technology developed at Boston Children's Hospital, the CardioPort is designed to be inserted through small incisions in the chest and heart wall for intracardiac procedures. The device allows video-endoscopic visualization through a camera and light source encased in a bulb lens. The device body also includes a channel through which standard thoracoscopic/laparoscopic instruments and catheter-based device delivery systems may be inserted into the beating heart, and a fluid purging system to prevent air and debris from entering the bloodstream during instrument insertion.
The initial clinical application for CardioPort is to repair congenital heart defects with 40,000 pediatric cases diagnosed each year in the US. The most common candidates include children with septal defects or "holes in their heart." The potential US market is 20,000 surgeries annually, and the European market is equal in size.
In addition to Broadview Ventures, the initial round of the Series A financing was comprised of new and existing angel investors. Nido Surgical intends to raise a total of $3.5 million in the Series A round.
Commenting on today's announcement, Farzad Parsaie, CEO of Nido Surgical said: "Because of the strong and innovative underlying research by the clinical team at Boston Children's Hospital, the CardioPort platform has the opportunity to transform high-risk "on-pump" cardiac surgeries to minimally-invasive "off-pump" procedures where the patients may benefit from improved outcomes and faster recovery. With the funding we have announced today we will be able to finalize device development, complete our preclinical validation, and launch the First-In-Man studies."
Dr. Rick Jones, Director at Broadview Ventures said: "The investment we have made in Nido Surgical reflects our commitment to supporting companies with cutting edge technologies that have the potential to transform medical practice. We look forward to working with the company as they demonstrate the utility of the CardioPort in an initial clinical trial."
About Nido Surgical:
Nido Surgical, Inc., founded in 2015, is a development-stage medical device company that is developing the CardioPort™, a novel platform designed to enable video-endoscopic trans-cardiac surgical repairs inside the beating heart, and trans-thoracic electrophysiology (EP) procedures based on patented technology developed at Boston Children's Hospital, and supported by research funded by NIH.
Preclinical proof of concept has successfully been established in several large animal studies for creating and closing atrial and ventricular septal defects in the heart, as well as interventions on mitral and tricuspid valve leaflets and annuli. These studies have been published in prestigious medical journals.
Nido Surgical was co-founded by Pedro del Nido MD, Chief of Cardiac Surgery at Boston Children's Hospital, and Professor of Child Surgery at Harvard Medical School, and by Nikolay Vasilyev MD, Staff Scientist at Boston Children's Hospital, and Assistant Professor of Surgery at Harvard Medical School.
About Broadview Ventures:
Broadview Ventures is a philanthropic for-profit venture firm with a mission to accelerate the development of promising technology for the diagnosis and treatment of cardiovascular and neurovascular disease through targeted investments.
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SOURCE Nido Surgical, Inc.