Following last year’s $3.2 million Series A, Harpoon Medical is closing in on another nine-figure funding round.
The University of Maryland School of Medicine spinout raised $1.4 million of a $2 million bridge round. The rest of the funding is expected to be secured by the end of the month. The company won $100,000 from the InvestMaryland Challenge.
“Based on the company’s progress and the initial results from the Early Feasibility Study, our current investors are providing additional capital to accelerate the clinical program while we work to raise a larger Series B Round,” CEO Bill Niland said in an announcement from the company.
The funding is being used for an early feasibility study to test the company’s device, which is designed to shorten the time of open heart surgery on a mitral valve. Ten patients with mitral valve disease are currently enrolled in the study at two sites in Europe. A larger clinical trial will also begin later this year.
With support from UM Ventures, the company is looking to commercialize the technology. The device allows doctors to perform open heart surgery on the mitral valve without stopping the heart, and could cut time under the knife to as little as 60 minutes from 3-6 hours.