JenaValve Raises $62.5 Million In Venture Funding
Capital to Fund Clinical Study for Transfemoral TAVI system, Expansion of Commercial Initiatives
WILMINGTON, Del. and MUNICH, July 23, 2013 /PRNewswire/ -- JenaValve Technology, Inc., a privately-held, venture-backed developer, manufacturer and marketer of transcatheter aortic valve implantation (TAVI) systems for the treatment of aortic valve disease, announced today that it has raised $62.5 million in a Series C venture round.
The financing was led by Belgium-based Gimv (GIMB.EN), a publicly traded investment company with more than 30 years of experience in private equity and venture capital. Other new investors include Beijing-based Legend Capital, a venture capital arm of Legend Holdings, Ltd. and an active investor in life sciences as well as Omega Funds, an international healthcare focused investment firm.
Edmond de Rothschild Investment Partners of Paris led the participation by the existing investor group in the Series C round. Other current investors participating in the round included Atlas Venture Fund, NeoMed Management, VI Partners AG and Sunstone Capital A/S.
"JenaValve is gaining momentum in the European TAVI market with our novel transapical TAVI system primarily based on our products' unique features and clinical benefits," said Helmut J. Straubiger, CEO of JenaValve Technology. "We are at an exciting point in our Company's growth as we commence a clinical study for our new transfemoral TAVI product and endeavor to significantly increase revenue in 2013, and beyond, from our transapical product across Europe and other global markets. Based on the positive feedback from our expanding network of hospital customers, we believe our technology represents an important advancement in the treatment of aortic valve disease."
In addition to funding clinical trials and expansion of commercial infrastructure, the Company also announced that it plans to pursue clinical initiatives in the US as well as pursue regulatory approval for its TAVI product in China.
Gimv Partner Patrick Van Beneden said, "Transcatheter valve implantation is a proven and dynamic market worldwide and JenaValve is delivering a series of compelling new TAVI products that provide benefits over older generations of the technology. We are pleased with the opportunity to contribute as a partner in this endeavor."
Legend Capital Managing Director Ouyang Xiangyu stated, "Our fund has begun to put more emphasis on investments in global life science companies that have a clear China strategy. JenaValve is an excellent fit with our strategy to invest in emerging companies in a fast growing segment, backed by solid clinical evidence with a desire to tap into an unmet need for a large subset of patients in China."
Transcatheter aortic valve implantation (TAVI) systems have already yielded nearly $1 billion in revenues worldwide and the market is expected to grow to over $3 billion in 20161. Clinicians are now focused increasingly on TAVI technical and procedural refinements and advancements found in second-generation products such as JenaValve's that address and resolve issues including ease of implantation, the need for post-procedure pacemaker implantation and post-implant paravalvular leakage.
About the JenaValve™ TAVI System
The JenaValve is a true second-generation catheter-based aortic valve implantation system engineered and manufactured to the highest quality standards. The JenaValve transapical TAVI system is currently being sold in Europe. The Company's transfemoral TAVI system is expected to enter into clinical study later in 2013 and is anticipated to be available for sale in 2014.
- The JenaValve prosthesis consists of a natural aortic porcine root bioprosthesis fitted with an outer porcine pericardial patch, a so-called skirt, before being sewn onto a Nitinol self-expanding stent. The high-quality bioprosthesis is durable, ensuring long-term aortic valve function.
- JenaValve's unique "3-feeler element" allows the clinician to accurately position the prosthesis in the anatomically correct position during implantation thus ensuring a precise sub-coronary alignment within the patient's native valve.
- JenaClip™ anchoring and clamping mechanism allows the patient's native valve leaflets to be clamped onto the valve enabling the JenaValve to be firmly anchored in the correct anatomical position and provide active fixation and resistance to migration.
- The JenaValve implantation is conducted on the beating heart. Hemodynamic flow is maintained without cardiac arrest and rapid pacing is not required during the procedure. The low profile of the stent prosthesis ensures open flow to the coronaries after the implantation. The JenaValve is available in three sizes, 23mm, 25mm and 27mm, covering aortic valve annuli from 21mm to 27mm.
- JenaValve is retrievable and repositionable thereby contributing to a successful procedure and confidence of the clinician.
About JenaValve Technology, Inc.
JenaValve Technology, Inc., a U.S. corporation with primary operations in Munich, Germany, develops, manufactures and markets transcatheter aortic valve implantation systems (TAVI) to treat patients suffering from aortic valve disease. JenaValve was founded in 2006 by cardiologists and inventor's Prof. med Dr. Hans R. Figulla and Markus Ferrari, M.D., Ph.D. The Company's transapical aortic valve system is CE marked and currently marketed in Europe and other markets worldwide. JenaValve is backed by world-class U.S., European and Asian investors. Additional information is available at www.jenavalve.com
European Contact: Stephan Wehselau, CFO, JenaValve Technology Inc. and JenaValve Technology, GmbH, Munich (Germany) +49 895 527 9080 or firstname.lastname@example.org
U.S. Contact: Matt Clawson, Allen & Caron Inc. +1-949 474 4300 or Matt@allencaron.com
1) Goldman Sachs Global Investment Research
SOURCE JenaValve Technology, Inc.
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