BioVentrix announced today that it completed a $48.5 million Series A financing round to support its treatment for heart failure.
Mansfield, Massachusetts-based BioVentrix develops minimally invasive therapies. They treat the dilated left ventricle and reverse the left ventricular remodeling process in congestive heart failure.
Andera Partners led the Series A funding round. Investors also included Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers. In conjunction with the financing, Andera’s Raphael Wisniewski and Cormorant’s Bihua Chen joined BioVentrix’s board.
BioVentrix said the financing supports the completion of the FDA premarket approval (PMA) submission for its Revivent TC system. The company also earmarked funds for expanded access to allow additional procedures as well as preparations for commercial launch. Earlier this year, the FDA approved expanded access to Revivent TC.
Revivent TC supports the minimally invasive procedure to treat a dilated left ventricle in 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 procedure employes myocardial micro-anchor implants. These reconstruct the dilated left ventricle, resulting in a more efficient chamber.
“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,” said Jim Dillon, BioVentrix president and CEO. “Treating advanced heart failure patients through left ventricular restoration is now recognized by the clinical cardiology community as an approach whose time has come.”
