CardioKinetix has raised $44m in Series E financing to progress the development of the Parachute ventricular partitioning device.

The Parachute device, which recently received the CE Mark, is implanted into the left ventricle of the heart in a simple catheter lab procedure. It is intended to treat patients with heart failure resulting from a heart attack.

CardioKinetix president and CEO Wes Johnson said that the financing allows CardioKinetix to progress the development of the device, which includes conducting clinical studies to further support the initial commercialisation of Parachute in Europe and completing a PMA submission to the US Food and Drug Administration.

The financing was led by SV Life Sciences and New Leaf Venture Partners, US Venture Partners, JP Morgan Partners, H&Q Healthcare Investors and H&Q Life Sciences Investors.