EQS-News: Andera Partners
/ Key word(s): Financing
PRESS RELEASE Andera Partners leads $48.5 Million Series A financing for medical device company BioVentrix® Proceeds to support premarket approval of Revivent TC® System for patients with ischemic heart failure Participating investors include Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital and Richmond Brothers MANSFIELD, MA, USA AND PARIS, FRANCE - APRIL 13, 2023 - Andera Partners, a leading European private equity player, today announces that it is leading a $48.5 million Series A financing round for medical device company BioVentrix, Inc. BioVentrix is developing minimally invasive therapies to directly treat the dilated left ventricle and reverse the left ventricular remodeling process in patients with congestive heart failure. The investor syndicate also includes Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers. In conjunction with the financing, BioVentrix appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors. The financing will support the completion of BioVentrix' Premarket Approval (PMA) submission for its Revivent TC System, fund expanded access to allow additional procedures following the successful completion of enrollment in its PMA study and initial preparations for commercial launch. BioVentrix recently received approval from the U.S. Food and Drug Administration for an Expanded Access Program following the successful completion of enrollment in ALIVE, a prospective, multi-center, dual-arm pivotal study. The BioVentrix Revivent TC System is designed to support a minimally invasive procedure to treat a dilated left ventricle of patients with ischemic heart failure with reduced ejection fraction (HFrEF) and extensive left ventricular scar who have a suboptimal response to guideline-directed medical therapy. The Revivent TC procedure employs myocardial micro-anchor implants to reconstruct the dilated left ventricle resulting in a more efficient chamber. Jim Dillon, President & CEO of BioVentrix, Inc. said: "Our ability to complete a financing with prominent world class investors and the support of our existing shareholders is a testament to our team and the size of the untapped market opportunity in front of us. Treating advanced heart failure patients through left ventricular restoration is now recognized by the clinical cardiology community as an approach whose time has come." Raphaël Wisniewski, Partner at Andera Partners, added: "We are excited to lead this significant financing round and to support the talented management at BioVentrix as they work to bring a new therapeutic solution to patients with advanced ischemic heart failure." ABOUT BIOVENTRIX BioVentrix, Inc. is a privately held medical device company focused on the development of less invasive therapies to treat the failing left ventricle (LV), the most common cause of heart failure. BioVentrix' technologies aim to improve cardiac function by directly addressing LV dilation. The Company is preparing to submit the PMA application to the FDA later this year. The BioVentrix and Revivent TC trademarks are registered trademarks of BioVentrix. Revivent TC is currently considered an Investigational Device and limited to investigational use in The United States. Media Contact: jdillon@bioventrix.com ABOUT ANDERA PARTNERS Created over 20 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage over €3.7 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion, Andera Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto) and ecological transition (Andera Infra). Based in Paris, with offices in Antwerp, Milan, and Munich, Andera Partners is wholly owned by its teams, which count nearly 100 professionals, of which 60 are investment professionals. It is structured as a partnership and managed by a board of 12 partners. Responsible and committed, the management company regularly forms partnerships with non-profit sector entities and takes concrete action in the fight against global warming. Andera's 15-person life sciences team brings together extensive experience in the life sciences industry, private equity and venture capital. Active since 2000, the team has raised over €1.1 billion through its BioDiscovery family of funds and is currently investing from its new BioDiscovery 6 fund. Since inception, the BioDiscovery funds have invested in more than 75 European and U.S. biotech and medtech companies. Further information: www.anderapartners.com. MEDIA CONTACTS:
13.04.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
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