Jenavalve raises $62.5 million in venture funding
JENAVALVE RAISES $62.5 MILLION IN VENTURE FUNDING
Capital to Fund Clinical Study for Transfemoral TAVI system, Expansion of Commercial Initiatives
Wilmington, Delaware and Munich, Germany – July 23, 2013 – JenaValve Technology, Inc., a privately-held, venture-backed developer, manufacturer and marketer of transcatheter aortic valve implantation (TAVI) systems for the treatment of aortic valve disease, announced today that it has raised $62.5 million in a Series C venture round.
The financing was led by Belgium-based Gimv (GIMB.EN), a publicly traded investment company with more than 30 years of experience in private equity and venture capital. Other new investors include Beijing-based Legend Capital, a venture capital arm of Legend Holdings, Ltd. and an active investor in life sciences as well as Omega Funds, an international healthcare focused investment firm.
Edmond de Rothschild Investment Partners of Paris led the participation by the existing investor group in the Series C round. Other current investors participating in the round included Atlas Venture Fund, NeoMed Management, VI Partners AG and Sunstone Capital A/S.
“JenaValve is gaining momentum in the European TAVI market with our novel transapical TAVI system primarily based on our products’ unique features and clinical benefits,” said Helmut J. Straubiger, CEO of JenaValve Technology. “We are at an exciting point in our Company’s growth as we commence a clinical study for our new transfemoral TAVI product and endeavor to significantly increase revenue in 2013, and beyond, from our transapical product across Europe and other global markets. Based on the positive feedback from our expanding network of hospital customers, we believe our technology represents an important advancement in the treatment of aortic valve disease.” In addition to funding clinical trials and expansion of commercial infrastructure, the Company also announced that it plans to pursue clinical initiatives in the US as well as pursue regulatory approval for its TAVI product in China.
Gimv Partner Patrick Van Beneden said, “Transcatheter valve implantation is a proven and dynamic market worldwide and JenaValve is delivering a series of compelling new TAVI products that provide benefits over older generations of the technology. We are pleased with the opportunity to contribute as a partner in this endeavor.”
Legend Capital Managing Director Ouyang Xiangyu stated, “Our fund has begun to put more emphasis on investments in global life science companies that have a clear China strategy. JenaValve is an excellent fit with our strategy to invest in emerging companies in a fast growing segment, backed by solid clinical evidence with a desire to tap into an unmet need for a large subset of patients in China.”