BioVentrix raises $8m

BioVentrix raised $7.9 million in a new offering of convertible notes, according to an SEC filing.

BioVentrix produces the Revivent TC transcatheter ventricular enhancement system designed to treat the left ventricle following a myocardial infarction or heart attack.

The Revivent is designed to eliminate the need for cardiopulmonary bypass or incisions in the heart by enabling the placement of small titanium anchors along the heart’s outer surface and along one of the inside walls, according to BioVentrix. The anchors are then pulled toward each another in a way that excludes scarred and non-functioning portions of the heart wall.

Money in the round came from 127 anonymous investors, according to the SEC filing. The San Ramon, Calif.-based company has not yet stated how it plans to spend funds raised in the round.

BioVentrix is looking for another $3.4 million before closing the round.

The company said that the placement agent for the round will receive warrants to purchase common stock equal to 10% of the number of shares of common stock that notes offered in the round are convertible into, with an exercise price of $7.50 per share.

Last July, BioVentrix said it raised $1.2 million in a round of financing. A month earlier, the company said it won CE Mark approval in the European Union for its Revivent TC.

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