Xeltis said today that it closed an over-subscribed Series B round worth about $34 million for the regenerative heart valve technology it’s developing.
Zurich-based Xeltis said the round was led by Amsterdam’s Life Sciences Partners and Paris-based Kurma Partners and included VI Partners and existing shareholders. The proceeds are earmarked primarily for commercialization of the company’s 1st product, a pulmonary valve, and pipeline development, according to a press release.
Xeltis said the replacement pulmonary valve is designed to treat severe congenital malformations of the heart in children, an orphan indication. The Swiss firm’s synthetic valves are designed to stimulate the body’s natural healing response to create growth of new valves and vessels around biodegradable matrices, Xeltis said.
“This investment marks a significant milestone for Xeltis. Having preeminent investment firms join forces with us gives us the means to fulfill our ambitious objective, which is to improve the lives of millions of patients,” CEO Laurent Grandidier said in prepared remarks. “Our ongoing clinical studies and our extensive pre-clinical testing have created a solid foundation of evidence supporting the feasibility, safety and versatility of our technology. This financing speaks to the tremendous clinical value Xeltis is anticipated to provide to patients and physicians.”
“We believe that Xeltis has the potential to bring a complete paradigm shift in cardiac and vascular surgery,” added LSP partner Clemens van Blitterswijk. “The uniqueness and the breakthrough nature of their technology make Xeltis a very attractive investment opportunity.”
“We were impressed by the broad potential of Xeltis’ breakthrough technology and by the team’s achievements in turning it into game-changing products in cardiology and surgery. Xeltis’ first product will target rare cardiac malformations affecting children. This investment fits perfectly with our fund strategy and we are excited to support the development of the company,” Kurma partner Vanessa Malier said in a statement.