VIVID - Valvular and Ventricular Improvement Via iCoapsys Delivery - Feasibility Study

Key Inclusion Criteria: * Grade 3 or 4 functional mitral valve regurgitation per 2D echocardiography. * NYHA Class II and LVEF greater than or equal to 25% or NYHA Class III and LVEF greater than or equal to 30% Key Exclusion Criteria: * History of pericarditis. * Creatinine \> 2.2 at the time of the procedure * INR \> 1.8 at the time of the procedure * Prior pericardial intervention (including CABG, pericardiotomy or pericardiocentesis). * Any endovascular therapeutic interventional or surgical procedure performed within 30 days prior to the index procedure (e.g., stent placement). * Any planned therapeutic interventional or surgical procedure planned within 30 days following the index procedure * Open chest surgery contraindication (e.g., acute respiratory distress, endocarditis, myocarditis). * Structural abnormality of the mitral valve * Valve disease resulting in insufficiency or stenosis of the aortic, pulmonary or tricuspid valve requiring intervention. * Pericardial effusion \>5 mm via echocardiography. * Posterior wall end-diastolic dimension \>1.3 cm. * Left ventricular end diastolic diameter \> 7.0 cm.