The initial closing of $30 million Series B financing for developing valve replacement technology has been announced by the Tioga Medical, Inc. Shifamed LLC holds the portfolio company Tioga Medical, Inc. Mitral and tricuspid valve disease management through transcatheter valve replacement is the primary focus of the company. The product advancement of the transcatheter valve replacement technology and its preclinical testing will be financed using these funds.
Mike Dineen, Chief Executive Officer and President of Tioga Medical, commented in the company's press release that there is a distinct unmet need in the field of valve replacement technology. This need was validated by the strong, continued support of investors received by Tioga Medical. The company aims at simplifying the transcatheter valve replacement procedures while improving its safety and efficacy with a next-generation design. The company looks forward to increasing its efforts in developing and demonstrating an efficacious valve replacement technology.
The Capital Partnership (TCP) led the financing for Tioga Medical. AMED ventures, Cormorant Asset Management, and Shifamed angel investors have also participated in this funding.
Despite the clinical need, the current valve replacement approaches have limited use due to the complex procedure and invasive nature of the surgery involved. The development of a more adaptable and less invasive transcatheter intervention to overcome the challenges presented by current approaches is intended to be achieved by Tioga's proprietary technology, said Gautam Kainth, Managing Director at TCP.
About Shifamed, LLC
It is a highly specialized hub founded by serial entrepreneur Amr Salahieh that aims to develop solutions with lesser risk and improved impact.