Proceeds will be used for pre-clinical testing and the completion of a First-in-Human trial of the company’s innovative “V-sling” heart failure therapy
Cardiac Success, an Israel-based medical device company developing a transcatheter ventricular repair device for heart failure patients, has announced the closing of a $5.2 million Series A financing round. The round was led by 415 CAPITAL, a specialist VC firm that primarily backs innovative medical technology companies in the cardio-and neurovascular space. The round was joined by an unnamed global strategic leader in structural heart interventions and a group of Israeli angel investors.
Headquartered in Yokneam, Cardiac Success was founded in 2017 in the Alon Medtech Ventures’ incubator by serial entrepreneur Dr. Shimon Eckhouse and Dr. David Neustadter (Chief Technology Officer). The company’s management team includes Boaz Manash (CEO), an experienced R&D leader previously responsible for the Sapien M3 mitral valve program at Edwards Lifesciences and Prof. Rafael Beyar (Chief Medical Officer), an internationally-recognized cardiologist and former director of Rambam Medical Center.
Despite guidance-directed medical therapy, heart failure continues to be a serious and common health condition that affects millions of patients and carries high rates of rehospitalizations and deaths. Cardiac Success has developed the “V-sling” system, which aims to provide a new treatment approach by transforming an invasive open-heart surgery into a safe and effective minimally-invasive transcatheter procedure. Using the “V-sling” may significantly improve patients’ quality of life while reducing hospitalization time and costs.
"There are millions of patients who, despite guidance-directed medical therapy, continue to suffer and deteriorate from Heart Failure with Reduced Ejection Fraction (HFrEF)," said Boaz Manash, CEO of Cardiac Success. “This new funding from experienced investors and strategic partners in the cardiac field, shows their confidence in the “V-sling” system and will enable us to accelerate our clinical development to provide a treatment option for these heart failure patients.”