Foldax raises capital to fund development of surgical heart valves

23 June 2020 (Last Updated June 23rd, 2020 10:49)

Heart valve startup Foldax has raised $20m in a Series D financing round led by Memorial Care Innovation Fund (MCIF).

Foldax raises capital to fund development of surgical heart valves
The investment will support the development of Foldax’s transcatheter aortic valve replacement (TAVR) device for the first-in-man clinical study. Credit: Bryan Brandenburg.

Heart valve startup Foldax has raised $20m in a Series D financing round led by Memorial Care Innovation Fund (MCIF).

The round was also joined by the company’s existing investors, including BioStar Capital, Kairos Ventures and Caltech, while Angel Physicians Fund (APF) and Sayan Bioventures joined as new investors.

In conjunction with the investment, MCIF managing director Bryant Heise also joined Foldax board.

Foldax intends to use the fund to enrol patients to the recently completed EFS clinical trial for its surgical aortic Tria biopolymer heart valve and initiate and enrol patients into the clinical trial for the surgical mitral valve.

The investment will also be used to support the development of the transcatheter aortic valve replacement (TAVR) device for the first-in-man clinical study.

Robotically manufactured Tria valves are designed to eliminate calcification, withstand stresses and strains without failure, and restore the patient quality of life without lifelong use of anticoagulants.

It is said to provide improved precision, repeatability and quality while considerably enhancing the cost of heart valve manufacturing.

Foldax CEO Frank Maguire said: “We are pleased that our technology has attracted the interest of healthcare provider-based investors who have recognised its broad potential to improve the treatment of valvular disease. These partners will allow us to accelerate our development and clinical plan.

MCIF managing director Brant Heise said: “We are enthusiastic about the potential for Foldax’s technology to positively impact healthcare systems in our drive to enhance both clinical outcomes and quality of life for patients suffering from cardiovascular disease.

“The creativity demonstrated by the company in overcoming traditional obstacles has been striking, and we look forward to being part of its continuing innovation of the heart valve space.”