Financing led by Andera Partners including Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers to Support Premarket Approval of Revivent TC® System for Patients with Ischemic Heart Failure
MANSFIELD, MA – April 13, 2023 – BioVentrix, Inc., a privately held medical device company developing minimally invasive therapies to directly treat the dilated left ventricle and reverse the left ventricular remodeling process in patients with congestive heart failure, today announced the completion of $48.5 million Series A round financing.
The round was led by Andera Partners, a prominent life-science venture capital investor. The investor syndicate also included Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers. In conjunction with the financing, BioVentrix appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors.
The financing will support completion of the BioVentrix Premarket Approval (PMA) submission for its Revivent TC System, fund expanded access to allow additional procedures following the successful completion of enrollment in its PMA study and initial preparations for commercial launch. BioVentrix recently received approval from the U.S. Food and Drug Administration for an Expanded Access Program following the successful completion of enrollment in ALIVE, a prospective, multi-center, dual-arm pivotal study.
The BioVentrix Revivent TC System is designed to support a minimally invasive procedure to treat a dilated left ventricle of patients with ischemic heart failure with reduced ejection fraction (HFrEF) and extensive left ventricular scar who have a suboptimal response to guideline-directed medical therapy. The Revivent TC procedure employs myocardial micro-anchor implants to reconstruct the dilated left ventricle resulting in a more efficient chamber.
Jim Dillon, President & CEO of BioVentrix, Inc. said, “Our ability to complete a financing with prominent world class investors and the support of our existing shareholders is a testament to our team and the size of the untapped market opportunity in front of us. Treating advanced heart failure patients through left ventricular restoration is now recognized by the clinical cardiology community as an approach whose time has come.”
BioVentrix, Inc. is a privately held medical device company focused on the development of less invasive therapies to treat the failing left ventricle (LV), the most common cause of heart failure. BioVentrix technologies aim to improve cardiac function by directly addressing LV dilation. The Company is preparing to submit the PMA application to the FDA later this year.
The BioVentrix and Revivent TC trademarks are registered trademarks of BioVentrix. Revivent TC is currently considered an Investigational Device and limited to investigational use in The United States.