Sam Brusco, Associate Editor01.27.22
Italian transcatheter mitral valve replacement (TMVR) system developer InnovHeart has closed a $55 million Series C financing round with Grand Pharma, granting Grand Pharma exclusive licensing for InnovHeart’s Saturn device.
Grand Pharma led the equity round together with existing investors Genextra, Panakes Partners, and Indaco Venture Partners. Grand Pharma can now develop, manufacture, and commercialize the Saturn device in China, Hong Kong, Macau, and Taiwan.
“Interventional treatment for mitral regurgitation is considered to be one of the most challenging areas in the field of structural heart disease, yet also represents huge market potential, estimated to reach $17.4 billion globally in future years,” InnovHeart Board Chairman Keith D. Dawkins, MD told the press. “This strategic agreement will provide InnovHeart with resources that will accelerate the development of the trans-septal version of the Saturn system into First-in-Human clinical trials, as well as access to the dynamic Chinese structural heart market.”
Speaking about this new collaboration, Shawn Chen, Senior management of the Medical Device Division of Grand Pharma, said, “We are very excited about this collaboration. The successful closing of this transaction demonstrates that Grand Pharma has completed the strategic layout in our cerebro-cardiovascular high-end medical devices sector. InnovHeart Saturn technology is one of the most promising TMVR technologies in the market. I am confident that with InnovHeart's expertise in this field and Grand Pharma's strong capability and resources, we will bring this innovative clinical solution to Chinese patients soon.”
“InnovHeart has already demonstrated excellent mid-term (>1 year) results with the trans-apical version. This low profile, adaptive valve design decreases the risk of LVOT obstruction and will be implanted transeptally in FIH in 2022,” said Paolo Denti MD, cardiac surgeon, San Raffaele University Hospital, Milan, Italy.
Grand Pharma led the equity round together with existing investors Genextra, Panakes Partners, and Indaco Venture Partners. Grand Pharma can now develop, manufacture, and commercialize the Saturn device in China, Hong Kong, Macau, and Taiwan.
“Interventional treatment for mitral regurgitation is considered to be one of the most challenging areas in the field of structural heart disease, yet also represents huge market potential, estimated to reach $17.4 billion globally in future years,” InnovHeart Board Chairman Keith D. Dawkins, MD told the press. “This strategic agreement will provide InnovHeart with resources that will accelerate the development of the trans-septal version of the Saturn system into First-in-Human clinical trials, as well as access to the dynamic Chinese structural heart market.”
Speaking about this new collaboration, Shawn Chen, Senior management of the Medical Device Division of Grand Pharma, said, “We are very excited about this collaboration. The successful closing of this transaction demonstrates that Grand Pharma has completed the strategic layout in our cerebro-cardiovascular high-end medical devices sector. InnovHeart Saturn technology is one of the most promising TMVR technologies in the market. I am confident that with InnovHeart's expertise in this field and Grand Pharma's strong capability and resources, we will bring this innovative clinical solution to Chinese patients soon.”
“InnovHeart has already demonstrated excellent mid-term (>1 year) results with the trans-apical version. This low profile, adaptive valve design decreases the risk of LVOT obstruction and will be implanted transeptally in FIH in 2022,” said Paolo Denti MD, cardiac surgeon, San Raffaele University Hospital, Milan, Italy.
