Leading Developer of Regenerative Cardiovascular Products to Complete FDA Clinical Trial and Advance Other Technologies in Treatment of Heart Disease
(Credit: bertholdbrodersen from Pixabay.)
CorMatrix Cardiovascular, Inc., (www.cormatrix.com) is a leading developer of regenerative cardiovascular products and is working on a portfolio of groundbreaking regenerative heart valve products for individuals with valve damage and disease. The growth equity financing was led by JAM Capital Partners, along with participation from existing investors. The investment will be used to complete the ongoing FDA clinical trial for the CorTRICUSPID ECM Heart Valve, which is a tissue-engineered replacement for diseased heart valves and directed toward complete valve regeneration. The funding will also facilitate the expansion of the CorMatrix FDA-cleared epicardial CorPATCH business and provide capital to advance other cardiovascular technologies being developed by the company that have the potential to create a paradigm shift in the treatment of heart disease.
Along with the additional funds, the board has been expanded to include several leading executives and members including JAM Capital Partners CEO John McCallum. The current CorMatrix interim CEO Jim Millar states, “The outstanding scientific and leadership team we have brought together has already made strong progress to show how the unique underlying physiological mechanisms of the Extracellular Matrix (ECM) technology, as key targets for cardiac tissue regeneration, translates into powerful biology and a new path for life-changing products for patients.”
Robert Matheny, MD, Chief Scientific and Medical Officer of CorMatrix adds, “This investment will allow us to complete our FDA trial for the CorTRICUSPID valve, which has already enrolled 30 patients. It will also enable us to accelerate the CorPATCH sales and development of the second generation of devices in these areas including additional surgical and catheter-based heart valve applications and heart failure treatments.”
“We have invested in a number of successful regenerative medicine companies with groundbreaking approaches that seek to stimulate the remarkable regenerative capabilities of the human body,” said John McCallum, Managing Partner of JAM Capital Partners. “We believe CorMatrix is well positioned to deliver a suite of revolutionary technologies for patients suffering from a variety of cardiovascular diseases.”
CorMatrix has sold over 200,000 devices based on its technology platform and is now focusing on some very large markets and unmet clinical needs in heart failure that can be applied to a regenerative and tissue repair approach.
Source: Company Press Release