Evaluation of Safety and Efficacy of the BACE™ Device in the Treatment of Functional Mitral Valve Regurgitation [FMR

Inclusion Criteria: * Functional Mitral Valve Regurgitation (FMR) of moderate to severe grade (2 to 4 as per the American College of Cardiology and American Heart Association 2006 Classification of Mitral regurgitation evaluation) * Symptomatic- NYHA Class II to IV * Left Ventricular Ejection Fraction (LVEF) 25%-50% * Normal mitral valve leaflets without any abnormalities and damage * Subject is willing and available to return for study follow-up * Surgical approach is the treatment option * Ability of the subject or legal representative to understand and provide signed consent for participating in the study Exclusion Criteria: * Known hypersensitivity or allergy to the device materials * History or presence of rheumatic heart disease * Structural abnormality of the mitral valve (e.g. flail leaflets, ruptured or elongated chordae, prolapsed valve, perforated valve leaflets) * Severe pulmonary hypertension, defined by pulmonary artery systolic (PAS) pressure greater than or equal to 60 mm Hg * Grade 4 diastolic dysfunction of left ventricle on ECHO, with no change by hemodynamic maneuvers. * ST segment \[of an electrocardiogram\] (ST) segment elevation myocardial infarction \[MI\] within 30 days of enrollment in the study; non ST segment elevation Myocardial Infarction (MI) within 7days of enrollment in the study * Currently enrolled in another investigational drug or device study * Subjects with intra-operative \[correlate to pre-op measurement end diastolic dimension\] heart circumference outside of offered BACE device size ranges \[21 to 41 cm\] * Previous mitral valve surgery or other previous cardiac surgery that would preclude proper placement of the BACE * Abnormal coronary or cardiac anatomy such that the device could not be placed without interfering with those anatomical structures * Abnormalities in the mitral valve leaflets that would necessitate mitral valve reconstruction or replacement * Prior Coronary Artery Bypass Graft (CABG) surgery * Acute active infection * Active peptic ulcer * History of IV drug abuse * Chronic renal failure requiring dialysis * Creatinine \> 2.5 mg/dl * Open chest surgery contraindication \[e.g., acute respiratory distress, endocarditis, myocarditis, pericarditis\] * Immune suppression therapy including corticosteroids * Subjects with chronic connective tissue disease * Investigator judgment that body habitus or sternal anatomy precludes pericardial access * Females who are pregnant or lactating * Life expectancy of \< 12 months due to conditions other than cardiac status