MORRISVILLE – Myocardial Solutions’ latest effort in search of investment capital has brought more than $6 million into the company’s coffers with 22 investors participating in the round.
The firm, which launched in 2015, disclosed the funding in an SEC filing.
Myocardial wants to raise $7 million and says it has closed on more than $6.6 million. The funding is all in exchange for equity.
It’s the first funding disclosed by the company since 2017 when it closed a $5 million equity round for its for the commercialization of its cardiac diagnostic software application that analyzes Magnetic Resonance Imaging results.
The company raised a $4 million Series A round in June 2015.
The company says its proprietary SENC software improves the speed and ease of existing Cardiac MRI (“CMR”) testing. The software has the ability to reduce patient time within the magnet to less than 5 minutes versus 20-60 minutes historically.
It says it provides objective results from images without the need for contrast media, holding the breath or radiation.The very short scanner time requirement significantly reduces patient stress during the procedure. The company’s technology has been validated in more than 250 publications from 70 major research centers.
The technology was developed by Dr. Nael Osman, a radiology professor at Johns Hopkins Medical Center and a founder of Myocardial Solutions.
Osman, in a statement, said of the technology: “The rapid quantitative analysis of changes in heart wall motion may open new opportunities to evaluate heart function in asymptomatic patients as a potential preventive measure for heart failure.”
