Israel-based heart disease device developer V-Wave has completed a $70m series C round featuring medical device maker Edwards Lifesciences and Johnson & Johnson Innovation – JJDC, part of medical group Johnson & Johnson.
Deerfield Management led the round, which included BRM Group, the investment vehicle of the Barkat and Rakavy families, as well as Endeavour Vision, Quark Venture, Aperture Venture Partners, Pontifax, Pura Vida Investments, TriVentures, BioStar Ventures and Israel Secondary Fund.
V-Wave has created an implantable interatrial shunt device that treats severe symptomatic heart failure by regulating left atrial pressure, which causes breathing difficulty that can in turn lead to hospitalisation.
The company has secured Food and Drug Administration approval to conduct an investigational device exemption study for its lead product and is preparing to launch a clinical study.
Edwards Lifesciences was among V-Wave’s early investors, combining with backers including Pontifax, which led its $2m series A round in 2013, and BRM Capital to provide an initial $6.5m in funding.
V-Wave raised a further $28m from Johnson & Johnson Innovation – JJDC, Edwards Lifesciences, BRM, Pontifax, TriVentures, Pura Vida Investments and BioStar Ventures in an early 2016 series B round.