27 million for developing biodegradable heart valves
The company Xeltis has raised 27 million euros in financing. The TU/e spin off company QTIS/e merged with Xeltis some time ago; they continue the work on a technology developed among others by employees of the department of Biomedical Engineering: a biodegradable heart valve prosthesis that develops into a living heart valve inside the body of the patient by attracting the body’s own cells.
With the money they want to continue the research and clinical studies to work towards clinical application of the technology.
More information about the research at the TU/e on development of new heart valves, you can find on the website of the research group Soft Tissue Biomechanics & Engineering.
News item Xeltis (EN)
ZURICH, SWITZERLAND; December 2, 2014 -- Xeltis, a privately-held medical device company dedicated to transforming standards of care in heart valve replacement and vascular surgery, has announced that it has raised EURO 27 million (USD 34 million/CHF 32 million) in an oversubscribed Series B financing. Life Sciences Partners, Amsterdam (LSP) and Kurma Partners, Paris (Kurma) led the round, with participation from VI Partners, Zug (VI) and current shareholders of Xeltis. The financing will primarily be used to fund market access activities for the company’s first product, a pulmonary valve, and the development of the company’s product pipeline. The replacement pulmonary valve will be used to treat the orphan pediatric indication of severe congenital malformations of the heart.
Xeltis is developing synthetic biodegradable heart valves and blood vessels (“matrices”), enabling a completely new therapeutic category called Endogenous Tissue Growth (“ETG”). Xeltis’ proprietary technology, based on Nobel prize-winning science, is designed to stimulate and guide the body’s natural healing response from the inside, leading to spontaneous growth of new valves and vessels within the body, once the matrices are implanted. The matrices are intended to biodegrade as natural tissue grows, leaving no foreign material behind. Xeltis holds the promise to enable ETG for the first time.
“We believe that Xeltis has the potential to bring a complete paradigm shift in cardiac and vascular surgery,” said Clemens van Blitterswijk, partner at LSP. “The uniqueness and the breakthrough nature of their technology make Xeltis a very attractive investment opportunity“. Vanessa Malier, partner at Kurma, added: “We were impressed by the broad potential of Xeltis’ breakthrough technology and by the team’s achievements in turning it into game-changing products in cardiology and surgery. Xeltis’ first product will target rare cardiac malformations affecting children. This investment fits perfectly with our fund strategy and we are excited to support the development of the company.”
“This investment marks a significant milestone for Xeltis. Having preeminent investment firms join forces with us gives us the means to fulfill our ambitious objective, which is to improve the lives of millions of patients”, said Laurent Grandidier, Chief Executive Officer. “Our ongoing clinical studies and our extensive pre-clinical testing have created a solid foundation of evidence supporting the feasibility, safety and versatility of our technology. This financing speaks to the tremendous clinical value Xeltis is anticipated to provide to patients and physicians.”
About Endogenous Tissue Growth
Endogenous Tissue Growth (ETG) is a therapeutic category in which surgeons use synthetic biodegradable implants designed to allow the body to repair itself by spontaneously growing natural, healthy tissue from the inside. Because the tissue produced through ETG is the patient’s own, the treatment has the potential to overcome the limitations of current standard of care. No foreign material is permanently implanted in the body, so long-term medication may no longer be needed. In addition, the risk of repeated surgeries may be reduced.
For more information, visit www.xeltis.com