4Tech Inc, a developer of transcatheter treatments for Tricuspid Regurgitation, raised $29 million in a Series B funding round led by Valiance and RMM with participation from NeoMed Management. 4Tech is incorporated in Delaware, USA, with operations in Galway, Ireland
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 Valianceand 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.