NeoChord Inc., a developer of minimally invasive devices and procedures for mitral valve repair, announced that on Sep. 9, the company closed on a $3 million credit facility with Durham, NC-based Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community. This credit facility follows the March 2013 closing of the sale to investors of $3 million of the Company’s Series B-2 Preferred Stock.
“This loan is a meaningful achievement for the company as proceeds from the loan and the March 2013 equity offering provide us with additional cash runway with which to achieve our 3 key goals: (1) completion of enrollment in our TACT Registry; (2) First-in-Man (FIM) procedures for the company’s Edge-to-Edge mitral valve technology; and (3) continued progress on development of the Company’s innovative NeoNav imaging software,” said John Seaberg, CEO of NeoChord.
According to Ron Nelson, NeoChord’s CFO, the loan is also a sign of NeoChord’s stage of development. “We are now in-revenues in Europe, with initial reimbursement established in Germany, Europe’s largest cardiac market, and have a rapidly growing queue of surgeons wanting training,” he said.
Ryan Dammeyer, senior vice president in Square 1 Bank’s Midwest region, added, “We are excited to provide a financing solution that fuels NeoChord’s ability to achieve its key goals. Led by an experienced management team, the company is making great strides in the development of less invasive technologies for mitral valve repair. We look forward to supporting NeoChord’s long-term growth and strategic initiatives.”
Based in Eden Prairie, MN, NeoChord is a privately held medical technology company focused on advancing the treatment of mitral regurgitation.
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion.