BioVentrix has has raised $48.5m in a series A financing round. The funds will support the completion of a premarket approval submission (PMA) for the company’s Revivent TC System – a device that reshapes the left ventricle to improve pumping efficiency in patients who suffer from ischemic heart failure.
The device previously received CE Mark extension and, in January 2023, received approval for an expanded access programme by U.S. Food and Drug Administration. Financing will go towards the Massachusetts, US-headquartered comapny’s submission for PMA and preparations for the commercial launch. The round was led by Andera Partners, with participation from Cormorant Asset Management, Taglich Brothers, Squarepoint Capital, and Richmond Brothers.
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Reduced ejection fraction is a consequence from a dilated left ventricle in patients with ischemic heart failure. The global prevalence of ischemic heart disease is rising, with BioVentrix saying its product is targeted at patients who have a sub-optimal response to traditional medical interventions. The Revivent TC procedure implants micro-anchors into the heart muscle wall to reconstruct the ventricle and produce a more efficient pumping chamber.
“Treating advanced heart failure patients through left ventricular restoration is now recognised by the clinical cardiology community as an approach whose time has come,” said Jim Dillon, president & CEO of BioVentrix. The company previously announced data published in the Journal of Clinical Medicine demonstrating positive results of the Revivent TC system. In a statement, Rishi Puri, MD, PhD, Coronary & Structural Interventional Cardiologist said: “Our data demonstrates that the Revivent TC procedure not only globally reduces LV volume, but also improves the regional function of the non-infarcted myocardium, thereby reversing the adverse remodeling which occurs in these patients.”
