Direct Flow Medical raises $31m for heart valve programs

Direct Flow Medical said it raised nearly $31 million in a Series C funding round it hopes will eventually gross nearly $60 million.

The company is developing transcatheter replacements for the aortic and mitral heart valves. Direct Flow’s transcatheter aortic valve implant won CE Mark approval in the European Union in January 2013; enrollment is under way in a 1,000-patient U.S. pivotal trial of the device.

In February, the company debuted its TMVR entry, saying it hopes to begin 1st-in-human studies by the end of this year.

In a regulatory filing this week, Direct Flow said it raised $30.98 million of a hoped-for $59.2 million, including a projected $22.1 million in warrant purchases, assuming their exercise at that amount.

The equity-and-options round included 36 unnamed investors, Santa Rosa, Calif.-based Direct Flow said in the filing. The company raised a $32 million round back in December 2014.

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