Medtech startup Tendyne Holdings landed $25 million in Series C funding, planning on using the new cash for further research & development of its transcatheter mitral valve technology.
The 4-year-old company’s device provides minimally invasive treatment of mitral regurgitation. Tendyne is working on engineering an implantation system that would allow physicians to re-position or retrieve the valve even after full deployment.
Lead funder Apple Tree Partners’ David McIntyre joined Tendyne’s board of directors in conjunction with the new funding, according to a press release.
"This financing is a significant milestone for Tendyne. In 2013 Tendyne demonstrated positive human data and this infusion of capital allows us to move ahead confidently as we accelerate our minimally invasive mitral valve program," founder and CEO Jeff Franco said in prepared remarks. "We are excited to have Apple Tree Partners come on board. We look forward to benefiting from their experience as we develop our technology and clinical presence."
Mitral regurgitation treatment has been a tricky area for medical device makers, with medtech titan Abbott (NYSE:ABT) spending many years and millions of dollars to get its MitraClip device through the FDA. The device finally won FDA approval in October 2013.
