InnovHeart, an Italian medical device manufacturer, has raised €20 million in a Series B funding round for its transcatheter mitral valve replacement systems (TMVR systems) for the treatment of mitral valve disease.
Existing investor Genextra, which has been the lone investor in InnovHeart since its founding in 2015, took part in the funding round. A syndicate headed by Panakes Partners, with CDP Venture Capital and Indaco Venture Partners also took part in the funding round.
The medical device company was established by heart valve industry veteran Giovanni Righini. Besides an office outside Milan, the company has operations in Boston, Massachusetts.
InnovHeart will use the proceeds from the Series B round for wrapping up its first-in-human clinical study of its Saturn TMVR system using a trans-apical approach. The proceeds will also be used by the Italian medical device manufacturer to finalize the development of a trans-septal delivery system, which leverages the same Saturn valve technology.
Panakes Partners’ Barbara 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.”
Keith D. Dawkins – Chairman of the InnovHeart Board of Directors said: “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.
“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.”