Xeltis said today that it closed a Series C round worth more than $53 million (€45 million) for the bioresorbable heart valve technology it’s developing.
The Eindhoven, Holland- and Zurich-based company said the round was led by “a global strategic investor,” joined by Ysios Capital, “a number of large private investors,” prior backers LSP, Kurma Partners and VI Partners and other previously involved private investors.
Xeltis said it plans to use the cash to back the clinical programs for its aortic and pulmonary valves, built on endogenous tissue restoration technology. That’s designed to promote endogenous tissue restoration using polymers structured as a resorbable “porous matrix.” The aim is to gradually replace the polymer structure with naturally regrown tissue. The first feasibility clinical trial for its Xplore-I pulmonary valve is underway in Europe and Asia, with patient enrollment completed in December last year. Early this year the FDA approved an investigational device exemption for the Xplore II early feasibility study in 10 patients.
“Xeltis is eager to provide patients who need heart valve replacement with a new option offered through our restorative technology, to ultimately improve their lives and reduce healthcare system costs,” CEO Laurent Grandidier said in prepared remarks. “This robust financing provides us with the resources necessary to catapult our strategy forward – supporting quick expansion of our aortic and pulmonary valve programs and strengthening our quest to redefine heart valve replacement therapy.”
($1 = €0.845721)