Panakes Partners-led syndicate invests EUR20 million in InnovHeart

Heart surgery

InnovHeart, a developer of novel transcatheter mitral valve replacement systems for the treatment of mitral valve disease, has received EUR20 million in a round of equity financing from a syndicate of investors.

The Series B round was raised from existing Milan-based investor Genextra which has been the sole investor since 2015, and a syndicate led by Panakes Partners, with CDP Venture Capital and Indaco Venture Partners joining the round.

The equity will be used to complete the first-in-human clinical evaluation of the company’s Saturn TMVR system using a trans-apical approach. The new capital will also allow InnovHeart to finalise the development of the trans-septal delivery system, which will bring the novel Saturn valve to trans-apical and trans-septal clinical testing.
 
In connection with the investment Barbara Castellano will be joining the InnovHeart board of directors to represent Panakes Partners, bringing with her experience in cardiovascular devices from her time at Sorin.

Castellano said: “The innovative design of Saturn TMVR and its unique approach to delivering and anchoring the implant has the potential to provide significant advantages over first generation systems and the ability to treat a large and heterogeneous patient population.”

Founded in 2015 by Giovanni Righini -a 30-year veteran of the heart valve industry- the company has offices outside Milan, Italy, and Boston, Massachusetts.

“With millions of patients suffering from severe Mitral Regurgitation, there remains an unmet clinical need for a safer, less-invasive treatment that has the potential to eliminate MR,” said Keith D. Dawkins MD, chairman of the InnovHeart board of directors and former executive vice president and global chief medical officer at Boston Scientific.

“With the support of Genextra and our new investors in this Series B financing, we are excited to be able to take the Saturn TMVR into the clinic and begin providing a solution for these patients,” added Dawkins.