HighLife said today that it raised a Series B round worth more than $36 million for the transcatheter mitral valve replacement it’s developing.
HighLife’s TMVR uses a ring around the diseased valve’s leaflets that’s designed to guide the replacement valve into position. It’s designed to be delivered through the inter-atrial septum, rather than via a trans-apical approach involving a puncture in the heart muscle.
The Paris-based company said proceeds from the $36.4 million (€32 million) Series B round are earmarked for completing regulatory approval trials aimed at winning CE Mark approval in Europe, and for an early feasibility trial in the U.S. HighLife raised a $14 million Series A round in October 2017.
U.S. Venture Partners and Andera Partners led the Series B, with Sectoral Asset Management and chairman Jose Calle Gordo also participating. Sofinnova Partners, which led the Series A, also joined this round.
“I am very pleased to announce the closing of the Series B financing round, which is essential to funding the development program of the company. The funds will support our mid-term strategy with a pivotal trial in Europe and a clinical trial in the U.S.,” founder & CEO Georg Börtlein said in prepared remarks. “We remain committed to bringing the best treatment option for the broadest patient population to market. Over the long term, we want to address any limitation that the field of TMVR faces and we will continue working towards that goal.”
“HighLife’s creative approach has already generated convincing data in this competitive field of mitral valve replacement. I am confident that the experienced management team will bring this technology to the level where it becomes an undisputed treatment option for mitral valve regurgitation patients,” added USVP general partner Casey Tansey, who is joining the board in connection with the financing.
“With our already solid experience in the structural heart field, we are very happy to contribute to and support HighLife. The exceptional level of collective experience brought together with the existing team and the new investors is a favorable omen for HighLife’s success,” said Olivier Litzka, of Andera Partners, who also joining the HighLife board.
($1 = €0.877939)