Home Heart Failure Symptoms Ancora Heart Announces $17.8 Million Financing for First-of-Its-Kind Therapy for Systolic Heart Failure

Ancora Heart Announces $17.8 Million Financing for First-of-Its-Kind Therapy for Systolic Heart Failure

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SANTA CLARA, Calif.--(BUSINESS WIRE)--Ancora Heart, Inc., a company developing a novel therapy to address
heart failure, today announced the closing of an initial tranche of
$17.8 million in a financing round expected to reach $30 million, led by
Savitr Capital and other existing investors.

Ancora Heart’s AccuCinch® Ventricular Repair System is a
minimally invasive investigational treatment for heart failure and
functional mitral regurgitation (FMR). The AccuCinch procedure is
intended to directly repair the enlarged left ventricle, targeting the
underlying cause of heart failure. The system is designed to reduce the
size of the left ventricle, improve left ventricular function, and
reduce symptoms of heart failure, with the goal of improving quality of
life for patients.

The financing will be used to support clinical trials evaluating safety
and efficacy of the AccuCinch, as well as ongoing product development
efforts.

“Effectively treating heart failure and FMR is incredibly challenging
today, and there are enormous unmet needs for these patients. This
funding represents an important milestone that will advance the
AccuCinch system as an alternative option that addresses the
shortcomings of current heart failure and FMR treatments,” said Jeff
Closs, president and CEO of Ancora Heart. “We have been encouraged by
early clinical results and engagement from leading heart centers
participating in studies of the AccuCinch system and look forward to
continuing to work with them to better understand the potential benefits
of our innovative technology.”

The AccuCinch therapy has the potential to treat heart failure and FMR
patients in whom the disease has progressed beyond the ability for
medications and pacemakers to manage symptoms, or for whom the risks of
open-heart surgery are too high. Unlike current technologies that
replicate surgical procedures to replace or repair an otherwise-normal
mitral valve, AccuCinch is designed to repair the left ventricle
directly to enable proper mitral valve function.

About Heart Failure and Functional Mitral Regurgitation

About 6.5 million U.S. adults live with heart failure, a condition in
which the heart’s muscles slowly weaken and lose their ability to pump
enough oxygen-rich blood to the body.1 Up to 74 percent of
people with heart failure also suffer from FMR, a condition caused when
the left ventricle of the heart becomes enlarged to the point where it
pulls the mitral valve leaflets apart and allows blood to flow backwards
into the left atrium.2 Heart failure and FMR patients suffer
from debilitating symptoms including persistent exhaustion, trouble
breathing, confusion and loss of memory. There is no cure for heart
failure or FMR, and about half of people who develop heart failure die
within five years of diagnosis.1

About Ancora Heart

Ancora Heart, Inc., based in Santa Clara, Calif., is dedicated to
helping people with heart failure feel better and live longer. Ancora
Heart developed the AccuCinch System, an investigational therapy
designed to repair the enlarged left ventricle targeting the underlying
cause of heart failure. The AccuCinch heart failure treatment was
created to benefit the millions of patients who otherwise have no
minimally invasive option available to them. For more information visit www.ancoraheart.com.

1 Benjamin E.J., Blaha M.J., Chiuve S.E., et al. Heart
disease and stroke statistics—2017 update: a report from the American
Heart Association. Circulation 2017; 135: pp. e146-e603

2 Al-Amri, H. S., Al-Moghairi, A. M., & El Oakley, R. M.
(2011). Surgical treatment of functional mitral regurgitation in dilated
cardiomyopathy. Journal of the Saudi Heart Association, 23(3), 125–134. http://doi.org/10.1016/j.jsha.2011.04.001

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