Paris-based private equity firm Andera Partners is leading a $48.5 million financing round for medical device company BioVentrix in an investor syndicate that includes Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers.
BioVentrix is developing minimally invasive therapies to directly treat the dilated left ventricle and reverse the left ventricular remodeling process in patients with congestive heart failure.
In conjunction with the Series A funding, BioVentrix appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors.
The financing will support the completion of BioVentrix’ Premarket Approval (PMA) submission for its Revivent TC System, and 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 US Food and Drug Administration for an Expanded Access Program following the successful completion of enrolment 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.
