SANTA CLARA — Ancora Heart, Inc., a company developing a novel therapy to address heart failure, has closed an $80 million equity financing. Sands Capital, Sio Capital and an undisclosed strategic investor joined all existing investors in this financing. The funds will be used to accelerate the CORCINCH-HF pivotal clinical study of the AccuCinch Ventricular Restoration System, designed to treat patients who have symptomatic heart failure with reduced ejection fraction (HFrEF).
As the only completely transcatheter procedure to treat the enlarged left ventricle, the AccuCinch System is a fundamentally different and innovative device-based therapy designed to improve the structure and function of the heart and help bring relief to HF patients who remain symptomatic despite current guideline-directed medical care.
“Ancora Heart is at an exciting stage as we continue with our pivotal clinical trial to support our PMA submission to the FDA, and this investment will help us prepare for potential launch and subsequent commercialization,” said Jeff Closs, president and CEO of Ancora Heart. “We are grateful to our new and returning investors for their support for our vision to provide a promising new treatment option for people suffering from heart failure.”
An estimated 6.5 million U.S. adults live with heart failure, a condition in which the heart’s muscles weaken and lose their ability to pump enough oxygen-rich blood to the body. Heart failure patients suffer from debilitating symptoms including persistent exhaustion, trouble breathing, confusion and loss of memory. About half of HF patients have heart failure with a reduced ejection fraction (HFrEF) and an enlarged left ventricle, the main pumping chamber of the heart, which causes more stress on the heart and leads to reduced pumping efficiency. Approximately 50 percent of people who develop heart failure die within five years of diagnosis.
“There is a very large unmet clinical need for patients with HFrEF and we are confident that Ancora Heart’s unique therapeutic approach is well positioned to play a key role in helping these people obtain the treatment that they need,” said Andrew Midler, founder of Savitr Capital.
The company also announced that Beverly Huss, co-founder and CEO at Pagonia Medical, a temperature management and tissue preservation company, has joined its Board of Directors.
Huss has more than 20 years’ experience as a leader of both large corporations and startup companies in the medical device space. Prior to founding Pagonia, Huss was president and CEO of Qool Therapeutics, Inc., a tissue preservation company. Previously, she was co-founder and CEO of Vibrynt, Inc., a company that developed a novel minimally invasive therapeutic device for treatment of morbid obesity. Prior to this, Huss was with Santa Clara, California-based Guidant since 1986, fulfilling a variety of executive roles within the company’s various medical device divisions. She managed the worldwide Endovascular Solutions business as President and quadrupled worldwide revenues to $150 million for the carotid and peripheral vascular business in four years and built Guidant’s coronary stent business to $1 billion in sales and market leadership.
“Bev brings both private and public company board experience as well as significant operating experience and we are excited to add her talents to our board,” said Closs.