Israeli cardiovascular device company V-Wave has closed a Series C extension of nearly $98m to support the further development of its V-Wave Implantable Interatrial Cardiac Shunt.

V-Wave Implantable Interatrial Cardiac Shunt is developed for the treatment of advanced heart failure. In August last year, the device was granted Food and Drug Administration (FDA) breakthrough device designation for the treatment of patients with symptomatic heart failure (HF).

The proceeds enable the company to complete the clinical trials for the cardiac shunt and support its efforts for the FDA clearance.

V-Wave Implantable Interatrial Cardiac Shunt is currently being assessed in the international, multicenter RELIEVE-HF randomised trial. The company is also conducting the RELIEVE-PAH trial in patients with pulmonary arterial hypertension (PAH).

V-Wave chairman Dr Frank Litvack said: “With more than 26 million patients suffering HF globally and more than six million in the US, there is a huge unmet clinical and economic need for simple, cost-effective new therapies.

“Advanced heart failure has a prognosis worse than many cancers and is one of the leading drivers of hospital expenditures both domestically and abroad. We are excited about RELIEVE-HF and to seeing our final data once the trial is completed.”

The latest financing for V-Wave was led by Deerfield Management. The round was joined by Aperture Venture Partners, BRM Group, Endeavour Vision, Johnson & Johnson Innovation – JJDC, Pontifax, Pura Vida Investments, GHS Fund (Quark Venture LP), and Triventures and Israel Secondary Fund.

Deerfield Management Partner and Series C lead investor Dr Andrew ElBardissi said: “V-Wave has developed a novel technology that modifies the physiology of HF by reducing left atrial and pulmonary artery pressures in a continuous, real-time manner without any intervention by the patient or a caregiver.

“Heart failure is not a static disease and patients’ pressures and symptoms vary from day to day or week to week. The Ventura shunt helps reduce the excessive rise in left atrial pressure before the patient is aware that this is happening and prior to worsening symptoms. This technology has the potential to become disruptive, game-changer in the management of advanced heart failure.”