Heart valve designer and manufacturer Foldax announced today that it closed a Series D funding round with proceeds of $20 million.
MemorialCare Innovation Fund led the round, which also included new investors Angel Physicians Fund and Sayah Bioventures. All existing investors, including BioStar Capital, Kairos Ventures and Caltech, participated as well.
Salt Lake City-based Foldax said in a news release that the funds will be used to add patients to its recently completed early feasibility study for its Tria surgical aortic biopolymer heart valve. Other uses include initiating and enrolling patients into a clinical trial for its surgical mitral valve and development of a transcatheter aortic valve replacement (TAVR) device for a first-in-human clinical study.
The Tria heart valve is constructed with LifePolymer, a biopolymer material, and robotically manufactured. The replacement valve is designed to address the durability and thrombogenicity issues of current heart valves that use animal tissue valves and/or are manufactured through human production.
“We are pleased that our technology has attracted the interest of healthcare provider-based investors who have recognized its broad potential to improve the treatment of valvular disease,” Foldax CEO Frank Maguire said in the release. “These partners will allow us to accelerate our development and clinical plan.”
In connection with the financing round, MemorialCare Innovation Fund managing director Brant Heise joined Foldax’s board.
“We are enthusiastic about the potential for Foldax’s technology to positively impact healthcare systems in our drive to enhance both clinical outcomes and quality of life for patients suffering from cardiovascular disease,” Heise said. “The creativity demonstrated by the company in overcoming traditional obstacles has been striking, and we look forward to being part of its continuing innovation of the heart valve space.”