OR YEHUDA, Israel, Feb. 2 /PRNewswire/ -- Valtech Cardio Ltd. announced today that new and existing investors (OXO Capital Valve Ventures LLC, NGN Biomed Opportunity II, L.P., and Peregrine VC Investments II, L.P.) recently completed a Series B financing of $17.8 million.
Valtech Cardio Ltd. (Valtech) is engaged in development of a portfolio of minimally-invasive surgical and transcatheter mitral valve repair and replacement technologies designed to correct or significantly improve mitral valve function in ways that reduce or eliminate mitral regurgitation (MR). MR is a serious heart disorder characterized by incomplete closure of the mitral valve. The valve leakage (from the left ventricle into the left atrium), often called regurgitation, reduces the amount of blood that is pumped out of the heart during each contraction and is associated with other serious medical conditions, including atrial fibrillation. MR is believed to be the most common form of valvular heart disease.
"The enthusiastic support from our investor group provides us with the capital necessary to complete development and initial clinical evaluation of several products designed to dramatically improve mitral valve function," said Amir Gross, Founder and Chief Operating Officer of Valtech. "The Valtech team is focused on improved annuloplasty and chordal repair technologies that will help physicians more effectively treat their patients undergoing surgical (open and minimally-invasive) and percutaneous transcatheter mitral valve repair procedures," Gross commented.
"The medical community has clearly articulated the need for advanced mitral valve repair and replacement solutions," said Lawrence C. Best, Executive Chairman of the Board. "The mitral valve repair/replacement market appears to be primed for rapid adoption of advanced solutions that address the needs of patients and physicians. Such product offerings should result in significant new growth opportunities in the coming years," Mr. Best added.
Valtech Cardio Ltd. is a privately held medical device company, based in Or Yehuda, Israel with a U.S. office in Waltham, Ma., committed to the development and commercialization of therapies for the millions of patients afflicted with mitral valve disorders.
SOURCE Valtech Cardio Ltd.