JenaValve Technology said today that it closed a $26.5 million Series C round for the replacement heart valve it’s developing.
Irvine, Calif.-based JenaValve said the round was co-led by RMM (Rudi Mariën) and Valiance and included existing backers Atlas Venture, Edmond de Rothschild Investment Partners, Gimv, Legend Capital, NeoMed Management and VI Partners.
The proceeds are earmarked “to support the company’s further growth” in the global market for transcatheter aortic valve implants. JenaValve added $11 million to the round in November 2014.
“As we advance our science and products to treat a broad range of patients with aortic disease, this round of funding will enable us to execute key clinical studies required to gain European regulatory approval and complete a US feasibility study for our new aortic valve and transfemoral delivery system,” new CEO Victoria Carr-Brendel said in prepared remarks. “This financing is testament to the strength of our technology, the support of our investors and our promise to evolve into an effective competitor in this rapidly growing market.”
“To compete in TAVR requires serious financial backing and JenaValve is fortunate to have the continued support of this top-tier investor syndicate as we execute on the work required to launch our new TAVR system worldwide,” added chairman Jan Keltjens. “This financing provides the Company with the resources to deliver truly differentiated solutions for patients in need.”
JenaValve is 1 of several smaller players in the TAVI space hoping to challenge market leader Edwards Lifesciences (NYSE:EW), arch-rival Medtronic (NYSE:MDT) and other big device makers like St. Jude Medical (NYSE:STJ) and Boston Scientific (NYSE:BSX).