Israeli heart medical device company Innoventric today announced the completion of a $28.5 million Series B financing round. The company has developed a device for the treatment of transcatheter tricuspid regurgitation (TR) using a revolutionary cross-caval technology.
This latest financing round, which was led by RA Capital Management, with participation of new investor the European Investment Committee (EIC) and existing investors BRM Group, JG Private Equity, and Mivtach Shamir Holdings, brings to $41 million the total amount raised by the company.
Innoventric has already successfully completed a first-in-human clinical trial in Europe, and performed many additional implantations, treating over 40 patients so far. Recently, the company received FDA clearance for an Early Feasibility Study (EFS) in the US, and patient enrollment is actively ongoing with the first US patients already treated. The funds raised will be used to advance clinical trials and expand regulatory approvals in the US and Europe.
Innoventric's device addresses tricuspid regurgitation, a severe condition that impairs the cardiac blood flow, by replacing the native valve's function through a heterotopic, cross-caval approach. With Innoventric, a prosthetic valve is anchored to the vena cava instead of the beating heart, so a complete seal is achieved without the risk of leakage or detachment. This method simplifies the implantation process and overcomes the anatomical complexities associated with traditional treatments. Positioned at the forefront of the $10 billion annual transcatheter heart valve replacement market, Innoventric's technology is poised to transform tricuspid valve treatment.
The Innoventric device offers significant advantages, including broad patient applicability. Designed to accommodate various anatomies, it enables treatment for patients who are typically ineligible for tricuspid procedures. Its innovative anchoring technique provides secure attachment to the tubular superior vena cava (SVC) and inferior vena cava (IVC) rather than the beating heart, which minimizes risks such as leakage or detachment. The device also supports a streamlined procedure, as it can be implanted quickly without the need for echocardiography or general anesthesia, significantly enhancing success rates and reducing patient recovery time.
Innoventric CEO Amir Danino said, "Our mission is to revolutionize tricuspid regurgitation care with minimally invasive therapies that significantly improve patient outcomes. The strong backing from our investors, coupled with the progress we've achieved, underscores the need and huge potential of our approach to treat TR."
RA Capital Management principal Anurag Kondapalli added, "We are excited to support Innoventric as it looks to transform the approach to TR treatment. The strong outcomes from their European first-in-human trial demonstrate the immense potential of their anatomy-agnostic device to treat a broader range of patients who have lacked viable options. We are very impressesd with Innoventric’s technology and leadership, and believe their solution has the potential to significantly reshape the future of TR care."
Published by Globes, Israel business news - en.globes.co.il - on October 29, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.