CMI’nov secures additional financing to manage the COVID-19 impact.

Monistrol sur Loire, May 15, 2020

CMI’nov is pleased to announce two new financing contracts from PGE and Bpi France, obtained in the context of managing the impact of COVID-19. Corinne Pain, COO said: “Although the impact of the COVID-19 to our programs has been relatively benign, securing these funds will give us additional time to complete the round of financing currently underway.” Bernard Pain, CEO added:” We continue to make good progress in our preclinical development of a minimally invasive annuloplasty device for treating functional mitral regurgitation. Our objective is to complete a first in man trial in 2022”.

Mitral regurgitation is a chronic, irreversible heart condition that affects an estimated 8 million people in the US and Europe. Of those, about 2 million suffer from moderate to severe (grade 3-4) functional regurgitation: the leaflets are intact but too far apart due to the dilation of the heart, a common feature of heart failure. At that stage, life expectancy is usually less than 7 years.

Medical devices can be used to bring (clip) the leaflets closer together using a minimally invasive procedure. Unfortunately, today few patients (<5%) are eligible for this approach, so the unmet medical need remains very large.

CMI’nov is developing a new generation minimally invasive annuloplasty device for the treatment of functional mitral regurgitation. Nitinol anchors delivered transapically are used to position a braid along the mitral ring, which is then used to reduce the mitral valve diameter at will, in real-time under echography.

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