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Epidarex portfolio company Harpoon acquired by Edwards Lifesciences

Epidarex Capital (Epidarex) portfolio company Harpoon Medical (Harpoon), a pioneer in beating-heart repair for degenerative mitral regurgitation (DMR), has been acquired by Edwards Lifesciences for up to USD250 million.

Under the terms of the merger agreement, Edwards paid USD100 million in cash for Harpoon at closing on 1 December, 2017 with a potential for up to an additional USD150 million in pre-specified milestone-driven payments.
Epidarex was among Harpoon’s earliest supporters, funding the development of the company’s core technology shortly after it was spun-out of the University of Maryland, Baltimore (UMB). Epidarex led the Series A funding. As part of the subsequent Series B funding, Edwards secured an option to acquire Harpoon.
“Having been actively involved with Harpoon since its early days, this is an exciting milestone for the company, for the University of Maryland Baltimore and for Epidarex,” says Kyp Sirinakis, Managing Partner, Epidarex. “Harpoon is a good example of how Epidarex identifies and funds the most promising early-stage technologies in under-ventured markets. Harpoon exemplifies the Epidarex strategy of successfully building highly innovative companies that are addressing large, unmet medical needs with solutions that provide significant benefits to patients.”
The Harpoon acquisition follows the successful sale of Confluence Life Sciences, to Aclaris Therapeutics, Inc (NASDAQ: ACRS) in August for a total deal value of up to USD100 million in up-front and milestone payments, and the completion of the Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) initial public offering announced in November of this year. Epidarex was also one of Apellis’ earliest backers, identifying and funding its promising technology platform. 
Harpoon’s lead product is an investigational device designed to facilitate beating-heart minimally invasive echo-guided mitral valve repair. Pivotal clinical trial results of this investigational device showed positive safety data and procedural outcomes, as well as symptom improvement. Patients also had no need to take blood thinners following the procedure.
“Operating at the nexus of technology innovation and academic research found in our region, Epidarex clearly understood our needs and had the experience necessary for a medical technology company at our stage of development to be successful,” says Bill Niland, President and CEO, Harpoon Medical, Inc. “We had the strong science and technology but needed the right champion to lead the investor syndicate required to fund our early human studies. Epidarex provided that leadership.”
Universities outside the major life science hubs are often a source for promising technologies that address unmet medical need, but lack the early-stage funding that is essential to commercialise their products. The BioHealth Capital Region is no exception with innovation hot spots powering science and technology breakthroughs.
“Harpoon, an exceptional UMB startup company founded on innovative intellectual property developed by Dr Gammie and his team at the University of Maryland School of Medicine, has wisely taken advantage of the funding resources available through both UMB and the State of Maryland,” says Jay A Perman MD, President, University of Maryland, Baltimore. “Eventually however, most successful life sciences companies will require significantly greater capital and additional financing sources to continue to move towards commercialisation, which is why UMB’s Office of Tech Transfer has developed a strong working relationship with the team at Epidarex.” 

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