CardioKinetix

About CardioKinetix

CardioKinetix was a medical device company, founded in 2002 and based in Menlo Park, California, that developed a treatment for heart failure. The company is now out of business.

CardioKinetix's key product was the Parachute® Ventricular Partitioning Device. This device was designed as the first minimally invasive, catheter-based treatment for patients with ischemic heart failure following a heart attack. Deployed via the femoral artery, the implant, composed of a fluoropolymer membrane on a nitinol frame, would partition the damaged, non-functional muscle of the left ventricle. This action was intended to reduce the chamber's overall volume, restoring a more normal geometry and improving cardiac function without major surgery.

The company raised a total of $137 million over four funding rounds, with its final Series F round in December 2014 raising $50 million. This round was led by Edwards Lifesciences and included other investors such as U.S. Venture Partners, Tekla Capital Management, New Leaf Venture Partners, and SV Life Sciences. The funding was intended to support a U.S. pivotal trial and international marketing efforts for the Parachute device, which had received a CE Mark in Europe in 2011. The deal with Edwards Lifesciences included an exclusive option to acquire CardioKinetix based on future regulatory milestones. By July 2016, 500 patients had been treated with the device across more than 15 countries. However, the company's website went down in 2018, and it is now considered defunct.