Pi-Cardia, an Israel-based medical device developer that counts the Access Industries-backed Clal Biotechnology Industries (CBI) as an investor, has completed a $27m financing round led by venture capital firm Sofinnova Partners.
The round also featured Pi-Cardia chairman Jacques Séguin and undisclosed existing investors.
Founded in 2009, Pi-Cardia is developing catheter-based treatments to combat calcification of the heart valves as an alternative to transcatheter aortic valve replacement. It finished the first in-human trials for its Leaflex system in 2019 and the funding will support clinical trials in the US and Europe.
The company had previously raised $10m in 2016 from investors including CBI, which was formed by conglomerate Access Industries and one of its subsidiaries, investment firm Clal Industries.
Innogest, Fondo Atlante Ventures, VI-Ventures and Anatomy Medical Technologies Fund also participated in the 2016 round. Accelmed had invested an undisclosed sum in Pi-Cardia the year before.
Erez Golan, founder and chief executive of Pi-Cardia, said: “With our very promising early results, we are now ready to move to the next stage and establish the long-term safety and efficacy of Leaflex as a standalone treatment for patients with aortic stenosis.
“We have an ambitious plan ahead of us, and we are dedicated to making Pi-Cardia’s technology the next revolution in the treatment of structural heart disease.”
