The company has closed an initial tranche of funding in a financing round, expected to reach $30m, led by Savitr Capital and other existing investors.

Ancora Heart will use the funding for clinical trials assessing safety and efficacy of the AccuCinch system, in addition to ongoing product development efforts.

AccuCinch ventricular repair system is a minimally invasive investigational treatment for heart failure and functional mitral regurgitation (FMR).

The procedure of AccuCinch is determined to directly repair the enlarged left ventricle, enabling to target the underlying cause of heart failure.

The system has been developed to reduce the size of the left ventricle, improve left ventricular function and decrease symptoms of heart failure.

Ancora Heart president and CEO Jeff Closs said: “Effectively treating heart failure and FMR is incredibly challenging today, and there are enormous unmet needs for these patients.

“This funding represents an important milestone that will advance the AccuCinch system as an alternative option that addresses the shortcomings of current heart failure and FMR treatments.”

“We have been encouraged by early clinical results and engagement from leading heart centers participating in studies of the AccuCinch system and look forward to continuing to work with them to better understand the potential benefits of our innovative technology.”

According to the company, AccuCinch therapy holds capacity to treat heart failure and FMR patients in whom the disease has progressed beyond the ability for medications and pacemakers to manage symptoms or for whom the risks of open-heart surgery are too high.

The system will help repair the left ventricle directly to enable proper mitral valve function compared to current technologies that replicate surgical procedures to replace or repair an otherwise-normal mitral valve.