A system and method for treating heart failure, including the direct or indirect delivery of growth factors, or select portions thereof, to the heart in a therapeutic manner to provide sustained release and induce cell proliferation. The growth factors include peptide hormones, and further include particular sequences derived from human insulin like growth factor 1 (hIGF- 1 ). The factors can be delivered to the pericardial space in a vehicle such as a hydrogel and using a device described herein.