This interview with John Seaberg, CEO of NeoChord, is the first of many filmed earlier this month at the OMP Finance Forum.
NeoChord aims to significantly improve the surgical repair of mitral valve regurgitation through the use of minimally invasive surgical techniques for the implantation of artificial chordae tendineae. NeoChords’s new technology eliminates the need for a sternotomy (opening of the chest cavity via sawing open the sternum) and cardio pulmonary bypass (heart-lung machine).
This less invasive approach will allow current surgical patients to be treated less traumatically and with fewer complications than is currently the norm. It will also allow mitral regurgitation patients to be treated earlier in the course of their disease which will eliminate or retard the progression of mitral regurgitation into congestive heart failure.
The market for less invasive techniques for mitral valve repair has been estimated at over $2 billion. Each year 250,000 new patients are diagnosed with mitral regurgitation in the U.S; there are 50,000 surgeries performed annually. Additionally there are over 2,000,000 U.S patients with mitral regurgitation who have not been treated because the risks of the current procedure are deemed too high compared to the severity of their disease.
NeoChord is currently involved in discussions with FDA regarding regulatory pathway and clinical trial parameters. The company believes existing reimbursement codes for mitral valve repair will provide adequate reimbursement for hospitals and doctors utilizing this technology.
Seaberg has a 30-year track record in the medical device industry. He co-founded ACIST Medical Inc. that was acquired by Bracco for $100,000,000 in 2001. Additionally he worked in executive positions for Guidant Corp from 1996-2006.
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