Fosun Pharma, the pharmaceutical subsidiary of conglomerate Fosun, has a $30m round for Israel-based valve implant developer MitrAssist that included insurance group Ping An, Calcalist has reported.
MitrAssist CEO Gil Naor told Calcalist the company has received $16m of the funding already and will get the remaining $14m when its product enters clinical trials, a development expected to take place in 2018.
Founded in 2009, MitrAssist is developing a valve implant to treat mitral regurgitation, a condition where the left valve of the heart does not close tightly enough, causing blood to flow in two directions instead of one.
The valve will be collapsible and will be inserted using a catheter through the femoral artery in the thigh. It is intended to be a safer alternative to current treatments for the condition, which include open heart surgery and the creation of an incision through the apex of the heart.
Naor said: “What everyone is waiting for is the possibility of performing the entire procedure through catheterisation and that is what we develop. We enter through the thigh, place the implant and exit.”
MitrAssist plans to market the device in Europe first and will use the funding to recruit eight new employees, bringing its team to 18 members. It had previously raised $3m from investment firm LongTec HongTao China Ventures in 2014, according to Calcalist.