InnovHeart—developer of novel transcatheter mitral valve replacement (TMVR) systems for the treatment of mitral valve disease—has announced the closing of a US$23.8 million round of equity financing.
Proceeds from the financing will be used to complete the first-in-human clinical evaluation of the company’s unique Saturn TMVR system using a transapical approach. The round will also allow InnovHeart to finalise the development of the transseptal delivery system, which uses the same Saturn valve technology.
The Series B round was raised from existing investor Genextra, which has been the sole investor since 2015, and a syndicate led by Panakes Partners, with CDP Venture Capital and Indaco Venture Partners joining the round.
“With millions of patients suffering from severe mitral regurgitation, there remains an unmet clinical need for a safer, less-invasive treatment that has the potential to eliminate MR. With the support of Genextra and our new investors in this Series B financing, we are excited to be able to take the Saturn TMVR into the clinic and begin providing a solution for these patients,” said Keith D Dawkins, chairman of the InnovHeart Board of Directors.
In support of this Series B investment, Barbara Castellano will be joining the InnovHeart Board of Directors to represent Panakes Partners, bringing with her a long background in cardiovascular devices from her experience at Sorin (now LivaNova).
“The innovative design of Saturn TMVR and its unique approach to delivering and anchoring the implant has the potential to provide significant advantages over first generation systems and the ability to treat a large and heterogeneous patient population,” said Barbara Castellano.
“Genextra is eager to continue supporting InnovHeart through the significant milestones the Company is about to achieve, bringing the novel Saturn valve to trans-apical and trans-septal clinical testing,” said Federica Draghi, investment director at Genextra.