4Tech

About 4Tech

4Tech, legally known as 4Tech Inc., was a medical device company established in 2010 with its primary operations based in Galway, Ireland, and incorporated in Delaware, USA. The company focused on creating a transcatheter-based solution for Tricuspid Regurgitation (TR), a condition where the heart's tricuspid valve fails to close properly, causing blood to flow backward into the right atrium. This condition affects millions and is often managed medically, as surgical intervention carries high risks.

The company was co-founded by Carine Schorochoff, who also served as its initial CEO. Another key figure associated with the company's technology is Dr. Arshad Quadri, a cardiac surgeon and inventor who developed a tricuspid valve technology that was reportedly acquired and used in the company's products. Under Schorochoff's leadership, 4Tech secured multiple funding rounds and advanced its technology into human clinical trials in Europe. In 2016, Michael Ennen, with a background in advancing early-stage medical devices, took over as President and CEO, with Schorochoff transitioning to an advisory role. Later, in 2018, Tom Fleming, a former Boston Scientific executive, was appointed President and CEO.

4Tech's core product was the TriCinch™ System, a device designed for Transcatheter Tricuspid Valve Repair (TTVR). The system aimed to provide a minimally invasive alternative for patients at high risk for open-heart surgery. The procedure involved percutaneously implanting a nitinol coil anchor into the tricuspid annulus, which was then connected to a self-expanding stent placed in the inferior vena cava. By applying tension to this system, the device remodeled the dilated valve annulus, reducing the regurgitation. This innovative mechanism was designed to be a simple and reproducible procedure to improve patients' quality of life. The company conducted several clinical studies, including the PREVENT trial in Europe and a U.S. Early Feasibility Study approved by the FDA, with initial implantations occurring in 2018.

The company's business model revolved around the development and eventual commercialization of the TriCinch™ system to hospitals and interventional cardiologists. 4Tech raised a total of $36 million over two funding rounds. This included a $7 million Series A in 2011 and a significant $29 million Series B round in 2016, led by Valiance Asset Management and with participation from NeoMed Management and other investors. Despite its clinical advancements and securing substantial funding, the company is now reported as deadpooled.