Sam Brusco, Associate Editor04.14.23
BioVentrix, a company developing minimally invasive therapies to directly treat the dilated left ventricle and reverse the left ventricular remodeling process in congestive heart failure patients, announced completion of $48.5 million Series A round financing.
The round was led by Andera Partners, a prominent life-science venture capital investor. The investor syndicate also included Cormorant Asset Management, Taglich Brothers, Squarepoint Capital, and Richmond Brothers. BioVentrix also appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors.
Financing will support completing PMA submission for the Revivent TC system, fund expanded access for additional procedures following the successful completion of enrollment in its PMA study, and initial preparations for commercial launch.
The BioVentrix Revivent TC System supports a minimally invasive procedure to treat a dilated left ventricle of patients with ischemic heart failure with reduced ejection fraction (HFrEF) and extensive left ventricular scar who have a suboptimal response to guideline-directed medical therapy. The Revivent TC procedure uses myocardial micro-anchor implants to reconstruct the dilated left ventricle, causing a more efficient chamber.
Jim Dillon, president and CEO of BioVentrix told the press, "Our ability to complete a financing with prominent world class investors and the support of our existing shareholders is a testament to our team and the size of the untapped market opportunity in front of us. Treating advanced heart failure patients through left ventricular restoration is now recognized by the clinical cardiology community as an approach whose time has come."
The round was led by Andera Partners, a prominent life-science venture capital investor. The investor syndicate also included Cormorant Asset Management, Taglich Brothers, Squarepoint Capital, and Richmond Brothers. BioVentrix also appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors.
Financing will support completing PMA submission for the Revivent TC system, fund expanded access for additional procedures following the successful completion of enrollment in its PMA study, and initial preparations for commercial launch.
The BioVentrix Revivent TC System supports a minimally invasive procedure to treat a dilated left ventricle of patients with ischemic heart failure with reduced ejection fraction (HFrEF) and extensive left ventricular scar who have a suboptimal response to guideline-directed medical therapy. The Revivent TC procedure uses myocardial micro-anchor implants to reconstruct the dilated left ventricle, causing a more efficient chamber.
Jim Dillon, president and CEO of BioVentrix told the press, "Our ability to complete a financing with prominent world class investors and the support of our existing shareholders is a testament to our team and the size of the untapped market opportunity in front of us. Treating advanced heart failure patients through left ventricular restoration is now recognized by the clinical cardiology community as an approach whose time has come."