BioVentrix, Inc. announced the completion of $48.5 million Series A round financing led by Andera Partners, a prominent life-science venture capital investor, to support premarket approval of Revivent TC® System for patients with ischemic heart failure.
The investor syndicate also included Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers. In conjunction with the financing, BioVentrix appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors.
The financing will support completion of the BioVentrix Premarket Approval (PMA) submission for its Revivent TC System, fund expanded access to allow additional procedures following the successful completion of enrollment in its PMA study and initial preparations for commercial launch. BioVentrix recently received approval from the U.S. Food and Drug Administration for an Expanded Access Program following the successful completion of enrollment in ALIVE, a prospective, multi-center, dual-arm pivotal study.
The BioVentrix Revivent TC System is designed to support a minimally invasive procedure to treat a dilated left ventricle of patients with ischemic heart failure with reduced ejection fraction (HFrEF) and extensive left ventricular scar who have a suboptimal response to guideline-directed medical therapy. The Revivent TC procedure employs myocardial micro-anchor implants to reconstruct the dilated left ventricle resulting in a more efficient chamber.
Jim Dillon, President & CEO of BioVentrix, Inc. said, “Our ability to complete a financing with prominent world class investors and the support of our existing shareholders is a testament to our team and the size of the untapped market opportunity in front of us. Treating advanced heart failure patients through left ventricular restoration is now recognized by the clinical cardiology community as an approach whose time has come.”
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