Tioga Medical, A Shifamed Portfolio Company, Closes $30M in Series B Financing
Accelerating development of company’s elegant valve replacement solution for mitral and tricuspid applications
CAMPBELL, Calif. – July 7, 2021 – Tioga Medical, Inc., a Shifamed portfolio company that aims to redefine structural heart valve replacement, announced today the initial closing of its committed $30M Series B financing. Led by The Capital Partnership (TCP), with participation from Cormorant Asset Management, AMED Ventures and Shifamed angel investors, the financing will be used to advance product development, support pre-clinical testing, and initiate clinical experience for the company’s novel transcatheter valve replacement technology.
“Current valve replacement approaches are either surgically invasive, anatomically limited or procedurally complex, hindering use despite the significant clinical need. Tioga’s proprietary technology aims to address these challenges with a less invasive, more adaptable transcatheter intervention,” commented Gautam Kainth, Managing Director at TCP. “We are pleased to lead this round and look forward to delivering this much-needed solution to this large and underserved segment of the structural heart market.”
Mitral valve disease is the company’s initial focus and is the largest structural heart valve problem, roughly four times more common than aortic stenosis.1,2 Directly tied to heart failure, mitral valve disease can increase cardiac workload and is associated with increased morbidity and mortality. Current surgical approaches are invasive and not widely utilized, leaving many patients undertreated. Similar to the recent adoption for transcatheter aortic valve replacement (TAVR), there is a significant clinical need for less invasive, transcatheter approaches for mitral valve replacement.
“We are extremely pleased to close this round of financing with strong, continued support from our investors, validating the clear unmet need in this space,” stated Mike Dineen, President and CEO of Tioga Medical. “We look forward to furthering our development efforts and demonstrating the performance of Tioga’s next-generation design to simplify and improve the safety and efficacy of transcatheter valve replacement procedures for both physicians and patients.”
About Tioga Medical, Inc.
Tioga Medical, a privately held portfolio company of Shifamed LLC, is focused on providing elegant valve replacement solutions for mitral and tricuspid applications that are procedurally simpler and use a less invasive, transcatheter approach. To learn more about Tioga Medical, please visit www.tiogamed.com.
About Shifamed, LLC
Founded by serial entrepreneur Amr Salahieh, Shifamed LLC is a highly specialized medical innovation hub focused on developing solutions that accelerate time to market, reduce risk, increase impact, and forge a path toward a world where patients are able to lead longer, healthier lives. To learn more about Shifamed, please visit www.shifamed.com.
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12018 Edwards Investor Conference: “Transcatheter Aortic Valve Replacement”
2Leon M, “What is Structural Heart Intervention Today?” PCR London Valves 2017.