Houston-based ReliantHeart Inc. has closed on the first phase of what could be a $16 million capital raise, CEO Rodger Ford told the Houston Business Journal.
The $2 million traunch is the first of several portions of a capital raise the company is currently pursuing. The round is expected to be somewhere between $8 million and $16 million. It does have an additional $4 million cap on it, as well, if the round becomes oversubscribed, Ford said.
ReliantHeart also raised $10.8 million in September 2014 in what could’ve been a $15 million round, according to a filing with the Securities and Exchange Commission.
The company makes a left ventricular assist device, or LVAD. The device helps the heart pump blood through the body through an attachment on the heart. In addition, ReliantHeart incorporates its FlowAccurate Diagnostics, which monitors and pushes diagnostic information to a doctor. The company currently has approval in Europe and is in trials in the United States for approval, Ford told the HBJ.
The company was created following the 2013 acquisition of Houston-based MicroMed Technology for an undisclosed amount. The technology behind ReliantHeart’s HeartAssist5 was developed in collaboration with NASA, Baylor College of Medicine and heart surgeons Dr. Michael DeBakey and Dr. George Noon.
Joe Martin covers quality of life, health care and technology for the Houston Business Journal.