NeoChord, Inc.

Industry
Medical Technology
Founded Year
2007
Headquarters
10900 73rd Ave North Suite 101, Maple Grove, MN 55369
Employee Count
26

Key People

Assessment

Team
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises seasoned professionals with extensive experience in the medical device industry.

The leadership team includes individuals like Todd Berg, who has over 30 years in the medical device industry, and Kavitha Ganesan, with 20 years of experience. Their backgrounds in leading successful ventures and developing innovative medical technologies provide a strong foundation for NeoChord's operations.

Clinical Need
Aspect: Very Strong
Summary: NeoChord addresses a significant unmet need in mitral valve repair.

Mitral valve regurgitation is a prevalent condition requiring effective treatment options. NeoChord's beating heart mitral valve repair system provides a less invasive alternative to traditional open-heart surgery, potentially reducing patient recovery times and improving outcomes.

Competition
Aspect: Somewhat crowded
Summary: The market for mitral valve repair devices includes several competitors.

Companies like Edwards Lifesciences and Abbott Laboratories offer mitral valve repair solutions. While NeoChord's technology is innovative, market penetration may be challenging due to existing competitors with established products and customer bases.

Technical Challenge
Aspect: Moderate
Summary: Developing and implementing the technology involves moderate technical challenges.

NeoChord's procedure involves implanting artificial chordae tendineae on a beating heart, necessitating high precision and real-time imaging. While feasible, these technical requirements may pose challenges in widespread adoption and training.

Patent
Aspect: Strong
Summary: NeoChord holds strong patents protecting its technology.

NeoChord's proprietary device and procedure are protected by patents, which can deter competitors and provide leverage in the market. This intellectual property is crucial for maintaining a unique position in the mitral valve repair sector.

Financing
Aspect: Medium
Summary: NeoChord has secured significant funding but may require additional capital.

NeoChord has attracted investments from reputable firms, indicating confidence in its technology. However, further funding may be necessary to support ongoing research, development, and commercialization efforts.

Regulatory
Aspect: 510k/PMA
Summary: NeoChord has achieved CE marking but awaits FDA approval.

While the NeoChord Artificial Chordae Delivery System received CE marking in 2012, indicating approval for use in Europe, it remains investigational in the U.S. FDA approval is essential for accessing the American market and achieving broader adoption.

Opportunity Rollup

Odds of Success
3.55
Peak Market Share
4.8
Segment CAGR
3.7%
Market Segment
Cardiovascular Devices
Market Sub Segment
Surgical Heart Valves
Year Post Launch Market Penetration (%)
1 0.24
2 0.72
3 1.68
4 3.36
5 4.80

Key Takeaway

NeoChord's innovative approach to mitral valve repair addresses a significant clinical need, but success hinges on navigating regulatory approvals and market competition.