InnovHeart raises $55 million in Series C financing to further develop the Trans-septal Saturn Transcatheter Mitral Valve Replacement System
InnovHeart and Grand Pharmaceutical Group Enter Into an Exclusive License Agreement to Develop and Commercialize the Saturn TMVR Device in Greater China
InnovHeart s.r.l., a developer of novel Transcatheter Mitral Valve Replacement (TMVR) systems for the treatment of mitral valve disease, announces the closing of its Series C financing with granting an exclusive licensing agreement to Grand Pharmaceutical Group Limited, (Grand Pharma) for its proprietary Saturn device in Greater China. The transaction pulled in more than $55 million in equity, upfront licensing fees, milestone payments and structured royalties.
Series C equity round was led by Grand Pharma, together with the existing investors Genextra, Panakes Partners and Indaco Venture Partners confirming their ongoing support by joining this investment round.
Under the license agreement, Grand Pharma is entitled to develop, manufacture and commercialize the Saturn device in Mainland China, Hong Kong, Macau and Taiwan. 'Interventional treatment for mitral regurgitation is considered to be one of the most challenging areas in the field of structural heart disease, yet also represents huge market potential, estimated to reach $17.4 billion globally in future years. This strategic agreement will provide InnovHeart with resources that will accelerate the development of the trans-septal version of the Saturn system into First-in-Human clinical trials, as well as access to the dynamic Chinese structural heart market', said Keith D. Dawkins MD, Chairman of InnovHeart Board of Directors.
Commenting on this new collaboration, Shawn Chen, Senior management of the Medical Device Division of Grand Pharma, said, 'We are very excited about this collaboration. The successful closing of this transaction demonstrates that Grand Pharma has completed the strategic layout in our cerebro-cardiovascular high-end medical devices sector. InnovHeart Saturn technology is one of the most promising TMVR technologies in the market. I am confident that with InnovHeart's expertise in this field and Grand Pharma's strong capability and resources, we will bring this innovative clinical solution to Chinese patients soon'.
'InnovHeart has already demonstrated excellent mid-term (>1 year) results with the trans-apical version. This low profile, adaptive valve design decreases the risk of LVOT obstruction and will be implanted transeptally in FIH in 2022', said Paolo Denti MD, Cardiac Surgeon, San Raffaele University Hospital, Milan, Italy. About InnovHeart
InnovHeart s.r.l, with locations in Milan, Italy, and Newton, Mass., USA, develops Transcatheter Mitral Valve Replacement systems (TMVR) to treat patients suffering from mitral valve disease. The company is conducting clinical trials of its novel Saturn TMVR system. Saturn is a low-profile mitral heart valve designed for trans-apical or trans-septal delivery.
About Grand Pharmaceutical Group Limited Grand Pharmaceutical Group Limited (Grand Pharma), is a listed company on the Hong Kong Stock Exchange (HK.00512) which is engaged in the R&D, manufacturing and sales of innovative pharmaceutical and bio-technology products, advanced medical devices, and nutritional products. Its core product portfolio covers several major therapeutic areas including cardio- and neurovascular treatments, respiratory and Ear, Nose & Throat as well as ophthalmic treatments, and selective oncology treatments. Grand Pharma has established R&D platforms and manufacturing entities in China, North America and Europe for medical devices.