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OrbiMed leads $37.3m Series B round for CardiAQ Valve Technologies

30 Nov 2012

Healthcare-focused venture capital firm OrbiMed has led a $37.3m Series B equity financing round for CardiAQ Valve Technologies, a medical device company developing technologies for percutaneous mitral heart valve replacement.

OrbiMed was joined by Versant Ventures, Advent Life Sciences and existing investors.

The funding, which incorporates conversion of a 2011 bridge financing, will be used to further validate the company’s TMVI technology and is expected to carry it through its feasibility and CE mark clinical trials.

Orbimed’s David Bonita and Vince Burgess have joined the board of directors.

“We have made significant progress in the development of our core technologies as well as in our clinical program,” said Arshad Quadri, founder, chairman and chief medical officer of CardiAQ.

“This additional capital from very substantial venture funds will enable us to continue our strategy of leadership in the development of transcatheter mitral valve implantation systems.”

CardiAQ CEO Rob Michiels said, “The dynamic nature of the mitral anatomy, combined with the challenges of percutaneous access, make true Transcatheter Mitral Valve Implantation one of the most technically demanding device development endeavours of my career.

“And while it has taken more than three years to get to this point, we are gratified that with the recently performed First-In-Human case we now have true proof of concept regarding Dr Quadri’s TMVI technology.”

CardiAQ president, COO and co-founder Brent Ratz added, “Market research suggests that CardiAQ’s approach will be applicable to a wide range of patients suffering from mitral valve disease who require definitive treatment, but who are not good candidates for open heart surgery.

“Given the level of unmet clinical need, there is no doubt that CardiAQ has the potential to become a standalone player in the mitral space.”

OrbiMed also recently participated in a C$26.1m private placement for Toronto-listed drug development company MethylGene.

Tavistock Life Sciences, Baker Bros Advisors, Tang Capital Partners, RA Capital Management and BVF Partners also participated in the placement.

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