The company has developed a device for the treatment of transcatheter tricuspid regurgitation (TR) using a revolutionary cross-caval technology. Israeli heart medical device company Innoventric today announced the completion of a $28.5 million Series B financing round.
The company has developed a device for the treatment of transcatheter tricuspid regurgitation (TR) using a revolutionary cross-caval technology. This latest financing round, which was led by RA Capital Management, with participation of new investor the European Investment Committee (EIC) and existing investors BRM Group, JG Private Equity, and Mivtach Shamir Holdings, brings to $41 million the total amount raised by the company. Innoventric has already successfully completed a first-in-human clinical trial in Europe, and performed many additional implantations, treating over 40 patients so far.
Recently, the company received FDA clearance for an Early Feasibility Study (EFS) in the US, and patient enrollment is actively ongoing with the first US patients already treated. The funds raised will be used to advance clinical trials and expand regulatory approvals in the US and Europe. Innoventric's device addresses tricuspid regurgitation, a severe condition that impairs the cardiac blood flow, by replacing the native valve's function through a heterotopic, cross-caval approach.
With Innoventric, a prosthetic valve is anchored to the vena cava instead of the beating heart, so a complete seal is achieved without the .