GALWAY, Ireland--(BUSINESS WIRE)--4Tech Inc., a privately held pioneer in the transcatheter treatment of Tricuspid Regurgitation (TR), announced today that it has secured $29 million in an oversubscribed series B financing, led by Valiance and RMM, with participation from existing and new investors NeoMed Management, and a group of Business Angels with a strong track record in Aortic and Mitral Structural Heart Disease.
The funds will be used to gain European market entry for the 4Tech TriCinch™ system for TTVR.
“Current standards of care for treating TR leave clinicians and patients with few desirable options,” said Carine Schorochoff, Co-Founder and CEO of 4Tech. “Our vision is to bring the promise of transcatheter technology to this difficult but often overlooked disease, which we believe will result in meaningful improvements in patient quality of life while at the same time reducing healthcare costs.”
TR is a difficult-to-manage, age-related disorder in which blood “backflows” into the right side of the heart and which affects approximately three million people in the U.S. and Europe. The condition is typically managed solely with diuretic medication, as surgical intervention is considered very high-risk. Recurring complications from TR result in frequent re-hospitalizations and often lead to end-stage dialysis, making this condition a significant cost-driver to the healthcare system.
4Tech’s TriCinch™ system is the world’s first transcatheter device developed to treat this unmet clinical need and is designed to allow clinicians to repair a diseased tricuspid heart valve in a simple and reproducible interventional procedure.
“With its unique TriCinch™ system, 4Tech is well-positioned to capitalize on the growing trend toward the transcatheter treatment of heart valve disease,” said Jan Pensaert, founder and CEO of Valiance. “We believe the Company has the potential to transform the way tricuspid valve disease is treated in the future. Furthermore, 4Tech is leading the evolution of a new and potentially large market segment.”
About 4Tech Inc.
4Tech Inc. (www.4techtricuspid.com) is incorporated in Delaware, USA, with operations in Galway, Ireland (4Tech Cardio Ltd). 4Tech has developed a proprietary transcatheter solution for the treatment of TR. Because of its unique anchoring and tensioning mechanism, the 4Tech TriCinch™ System for Transcatheter Tricuspid Valve Repair allows a simple and reproducible percutaneous procedure, designed to reduce TR and restore patient quality of life, while also allowing substantial potential cost-savings for the healthcare systems.
Caution: The 4Tech TriCinch™ System for Transcatheter Tricuspid Valve Repair is in the early phase of development. It will not be available in the USA for clinical trials until further notice and is NOT available for sale.
Caution: This news release contains certain “forward-looking” statements under the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements, which may include, but are not limited to, statements concerning the projections, financial condition, results of operations and businesses of 4Tech are based on management’s current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences may include, but are not limited to, risks relating to the protection of intellectual property, changes to governmental regulation of medical devices, the FDA’s approval of new products, the impact of competitive products, changes to the competitive environment, the acceptance of new products in the market, conditions of the interventional cardiology industry and the economy and other factors.
