by Emily Martyn
26 March 2018
Hostplus has today announced a $9.5 million investment with Cardiac Dimensions, bringing the Carillon Mitral Contour System one step closer to saving Australians thousands on medical bills, weeks in recovery time and alleviating pressure on our healthcare system.
Cardiac Dimensions – a leader in the development of minimally invasive heart failure treatments – has already changed over 850 lives across Australia, North America and Europe, and is set to radically transform millions more with their Carillon System.
President and CEO of Cardiac Dimensions, Gregory Casciaro said institutional investors have played a critical role in the two-decade-long development of this non-surgical procedure designed to address the unmet needs of heart failure patients.
“Heart failure is a global condition impacting around 26 million sufferers, their families and society every year. Aside from the condition being detrimental to health and quality of life, heart failure also has a significant clinical and economic burden, with direct and indirect costs expected to grow to $90 billion by 2030 in the U.S. alone.
“With critical financial support from Hostplus and M.H. Carnegie & Co.’s Innovation Funds I and II, we have developed a simple implantable device and delivery system to address functional mitral regurgitation (FMR) – a condition which effects approximately 70 per cent of those with heart failure.
“Clinical data has demonstrated the remarkably simple, safe and effective nature of the device which can be implanted via a catheter in less than an hour and with no general anaesthetic,” Mr Casciaro said.
CEO of the $30 billion industry superannuation fund for hospitality, tourism, recreation and sport, David Elia said the commercialisation process for medical research and innovation is lengthy and requires significant funding, which Hostplus is well-positioned to do.
“Outside of delivering top returns to our 1.1 million members, we are committed to making a meaningful difference to the economy through supporting local innovation and showcasing Australia as a world-leader in health and medical research.
“By supporting greater private investment and bringing in the expertise of venture capital fund managers like M.H. Carnegie & Co., we are helping to bring the next great biomedical discoveries to market for the health and economic wellbeing of Australians,” Mr Elia said.
The Carillon System has been successfully trialled across three completed studies. In addition, a fourth study, the REDUCE FMR study, has been fully enrolled and is in the later stages of patient follow-up. The Alfred Hospital in Melbourne participated in this landmark study which is the world’s first randomised, blinded clinical trial evaluating the treatment of FMR.
Hostplus’ $9.5 million investment in Cardiac Dimensions is made via its interest in M.H. Carnegie & Co’s Innovation Funds I and II, alongside a direct investment in the company. These investments form part of Hostplus’ $550 million commitment to the start-up ecosystem.
Cardiac Dimensions’ life-saving Carillon System complements a full suite of biomed developments M.H. Carnegie & Co. is invested in through their combined $120 million Innovation Funds I and II, helping to commercialise Australian research out of the laboratory and into the marketplace.
About Cardiac Dimensions
Cardiac Dimensions is a leader in the development of innovative, minimally invasive treatment modalities to address heart failure and related cardiovascular conditions. Left untreated, FMR contributes to heart failure – a chronic, progressive condition that weakens the heart and makes everyday activities difficult. The Carillon System addresses the underlying mechanical problem of FMR with a catheter‐based alternative to medications and invasive surgery. Cardiac Dimensions has operations in Kirkland, Washington; Sydney, Australia and Frankfurt, Germany.
The Carillon Mitral Contour System is an investigational device in the U.S. For more information, please visit: www.cardiacdimensions.com.
Cardiac Dimensions, Carillon and Mitral Contour System are registered trademarks of Cardiac Dimensions.
About M.H. Carnegie & Co.
M. H. Carnegie & Co. is an alternative asset manager with approximately AU$700 million in assets under management across venture capital, private equity and real estate. M. H. Carnegie & Co. currently manages seven funds on behalf of its investors.
Functional mitral regurgitation (FMR) primarily results from the enlargement of the left ventricle causing the mitral annulus to dilate, allowing blood to flow back into the left atrium. Medical therapy is the current standard of care, though many patients remain symptomatic. If left untreated or undertreated, the condition overloads the heart and leads to or accelerates heart failure. In the U.S., heart failure is a significant clinical and economic burden with direct and indirect costs expected to grow to US$70 billion (AU$90 billion) by 2030.1