US-based healthcare company Medtronic Corporation and the corporate venturing unit of US-based healthcare company Johnson & Johnson have helped Mitralign, a US-based heart treatment company, raise $35m on Wednesday.
Johnson & Johnson Development Corporation and Medtronic were joined in the series D by Forbion Capital Partners, which led the round, as well as venture firms Saints Venture Capital, Oxford Bioscience Partners, Triathlon Medical Ventures, Orchestra Medical Ventures, Oakwood Medical Investors, Palisade Capital Management, and Giza Venture Capital.
Mitralign’s series C raised $24m with backing from much of the current syndicate and Accelerated Technology Partners, in 2007. Mitralign’s series A raised $5m in 2005, while its series B raised $13m in 2006, in a round which also included ABN Amro Capital among the backers.
Mitralign was founded by the Accelerated Technologies medical device incubator.
Martien van Osch, managing partner and chief financial officer at Forbion, said: "Mitralign has developed the only percutaneous direct annuloplasty approach to address the substantial market opportunity for Percutaneous Mitral Valve Repair (PMVR), treating Functional Mitral Regurgitation (FMR) by transcatheter means. The number of patients with FMR is an order of magnitude larger than the pool of patients with Aortic Stenosis, many of which are currently treated with Transcatheter Aortic Valve Replacement (TAVI). Similar to TAVI, we look forward to a PMVR market that will be well in excess of $1bn."