Foldax, a US-based producer of biopolymer heart valve implants, completed a $20m series D round led by healthcare provider MemorialCare’s Innovation Fund yesterday.
The round included California Institute of Technology (Caltech), Angel Physicians Fund, investment firm BioStar Capital and venture capital firms Kairos Ventures and Sayan Bioventures.
Founded in 2014, Foldax designs and manufactures artificial heart valve implants made from biopolymers to prevent the build-up of calcium deposits in the body.
The company will use the cash to boost enrolment in clinical trials for mitral and aortic heart surgical valves, and continue preclinical work on an artificial aortic transcatheter valve.
Brant Heise, managing director of MemorialCare Innovation Fund, has joined Foldax’s board of directors in conjunction with the round.
Heise said: “We are enthusiastic about the potential for Foldax’s technology to positively impact healthcare systems in our drive to enhance both clinical outcomes and quality of life for patients suffering from cardiovascular disease.
“The creativity demonstrated by the company in overcoming traditional obstacles has been striking, and we look forward to being part of its continuing innovation of the heart valve space.”
Foldax had previously raised a total of $16.6m prior to the latest round according to regulatory filings, including $5.9m of equity and debt financing between 2014 and 2016.
The company then secured $10.3m of equity funding in December 2018 from Kairos Ventures and Summation Health Ventures, the venture capital fund formed by MemorialCare and fellow healthcare system Cedars-Sinai, according to Vator.tv.