Symphony Medical Inc., a Laguna Hills maker of heart failure treatments, said Friday it raised $10 million from its existing investors, according to venture capital news sources.
The funding is part of a $25 million third round of financing that’s slated to close in early 2009.
Symphony’s raised just under $20 million since its founding in 2003, Chief Executive Raymond Cohen told Dow Jones & Co.’s VentureWire news service.
Symphony is planning to raise an additional $15 million through a combination of new and existing investors, Cohen said.
The company makes a biopolymer that’s inserted into the heart’s left ventricle with the aim of reducing its size and thickening its wall. It’s designed to treat patients with atrial fibrillation and heart failure.
Symphony’s funding, made up of a note and warrant purchase, was completed through its existing investors, including Johnson & Johnson Development Corp., the venture capital arm of Johnson & Johnson, Domain Associates LLC, Morgenthaler Ventures and Triathlon Medical Ventures.
Symphony plans to use the initial $10 million to advance its device to clinical trials, while the additional money will enable it to continue its research and pursue follow-up studies, according to Cohen.
