BioVentrix Raises $48.5 Million in Series A Funding Round
BioVentrix, a privately held medical device company, has announced the completion of a $48.5 million Series A round financing. The funds will support the completion of the BioVentrix Premarket Approval (PMA) submission for its Revivent TC System, as well as the expansion of its access to allow additional procedures following the successful completion of enrollment in its PMA study and initial preparations for commercial launch.
Led by Andera Partners, a prominent life-science venture capital investor, the round also included Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers. As part of the financing, Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management have been appointed to the BioVentrix Board of Directors.
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.
According to Jim Dillon, President & CEO of BioVentrix, Inc., “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.”
BioVentrix Receives FDA Approval for Expanded Access Program
BioVentrix has received approval from the U.S. Food and Drug Administration (FDA) for an Expanded Access Program following the successful completion of enrollment in ALIVE, a prospective, multi-center, dual-arm pivotal study. The approval allows for the use of the Revivent TC System in the treatment of patients with ischemic heart failure with reduced ejection fraction and extensive left ventricular scar who have a suboptimal response to guideline-directed medical therapy.
The approval of the Expanded Access Program is an important milestone for BioVentrix, as it will enable more patients to access the potentially life-saving treatment. The program will also provide BioVentrix with additional data to support the safety and effectiveness of the Revivent TC System.
BioVentrix is committed to advancing the field of left ventricular restoration and improving outcomes for patients with ischemic heart failure. The company is currently conducting clinical trials to evaluate the safety and efficacy of its Revivent TC System, and the approval of the Expanded Access Program represents a significant step forward in its mission.
BioVentrix Expands Board of Directors with Industry Experts
As part of the recent financing round, BioVentrix has appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors. Wisniewski brings more than 20 years of experience in healthcare venture capital and has led investments in several successful life sciences companies. Chen has extensive experience in healthcare investing and has played a key role in the growth of several medical device companies.
The addition of Wisniewski and Chen to the Board of Directors will bring valuable expertise and insight to BioVentrix as it continues to develop and commercialize its innovative left ventricular restoration technology. The company is well-positioned to capitalize on the growing demand for minimally invasive treatments for advanced heart failure, and the expanded board will provide additional support and guidance as it moves forward.
Conclusion
The completion of the $48.5 million Series A round financing represents a significant milestone for BioVentrix as it works to advance the field of left ventricular restoration and improve outcomes for patients with ischemic heart failure. The funds will support the completion of its Premarket Approval submission for the Revivent TC System, as well as expanded access to the treatment following the successful completion of enrollment in its PMA study.
The recent approval of the FDA Expanded Access Program for the Revivent TC System is also an important step forward, as it will allow more patients to access the potentially life-saving treatment. BioVentrix is committed to advancing the field of left ventricular restoration and improving outcomes for patients with ischemic heart failure, and the approval of the program represents a significant step forward in achieving this goal.
With the addition of Raphael Wisniewski and Bihua Chen to its Board of Directors, BioVentrix is well-positioned to continue its growth and development. The company’s innovative left ventricular restoration technology has the potential to transform the treatment of advanced heart failure, and the expanded board will provide additional support and guidance as it works to bring the technology to market.
Overall, the completion of the Series A funding round, the approval of the Expanded Access Program, and the expansion of the Board of Directors represent significant milestones for BioVentrix as it works to develop and commercialize its innovative left ventricular restoration technology. The company is poised for growth and success, and its innovative technology has the potential to transform the lives of patients with ischemic heart failure.
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