US-based medical implant developer JenaValve Technology completed a $50m funding round today that included Legend Capital, the venture capital firm formed by conglomerate Legend Holdings.
Bain Capital Life Sciences, a subsidiary of private equity firm Bain Capital, led the round, and Bain Capital managing director Andrew Hack has joined JenaValve’s board of directors. Andera Partners, Gimv, NeoMed Management, RMM, Valiance Life Sciences and VI Partners also invested.
Founded in Germany, JenaValve has created a transcatheter aortic valve replacement (TAVR) prosthesis to treat aortic valve disease, a condition where the valve connecting the heart’s left ventricle and aorta does not work effectively.
The device has secured regulatory Breakthrough Device designation from the US Food and Drug Administration for symptomatic, severe aortic regurgitation and aortic regurgitation-dominant mixed aortic valve disease, and it is working towards full approval.
John Kilcoyne, CEO of JenaValve, said: “Our TAVR system is differentiated in that no other transcatheter valve device has FDA approval for patients suffering from severe AR who are at high risk for surgery, which we believe is a multi-billion-dollar market opportunity.
“This financing supports our ongoing clinical program and plans to file for US Humanitarian Device Exemption (HDE) approval in the second half of 2020.”
Regulatory filings. Filings indicate JenaValve raised $9.4m from undisclosed investors in 2017 and $10m the previous year.
The company closed a $99m series C round featuring Legend Capital, Valiance Asset Management, RMM, Atlas Venture, Andera Capital (then Edmond de Rothschild Investment Partners), Gimv, NeoMed Management, Sunstone Capital, Omega Funds and VI Partners in 2015.
The series C round followed approximately $40m in funding from Atlas Venture, Andera Capital, Sunstone Capital and VI Partners across earlier rounds in 2007 and 2010. It secured $4.5m in 2006 according to a securities filing.
Image courtesy of JenaValve Technology, Inc.
