Menlo Park, Calif.-based CardioKinetix said Tuesday that it has successfully raised $50 million in financing spearheaded by Edwards Lifesciences. The company also signed an agreement giving Edwards exclusive rights to acquire the cardiovascular device start-up based on future regulatory milestones.

The capital will go toward completing clinical trials of the Parachute ventricular partitioning device, a unique catheter-based treatment for heart failure, and development of key international markets, CardioKinetix said. The company is currently enrolling U.S. patients in a trial to support a premarket approval application.

The Parachute device received a CE mark in 2011. To date, more than 300 patients have been treated with the therapy, says Maria Sainz, president and CEO of CardioKinetix.

CardioKinetix’s other investors include U.S. Venture Partners, Tekla Healthcare Investors and Tekla Life Sciences Investors, SV Life Sciences, Panorama Capital, New Leaf Venture Partners, and Lexington Private Equity. — Kellen Owings

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