Israeli cardiovascular device startup Mvalve Technologies has received a $15 million convertible loan from BSC International Holdings, a subsidiary of Boston Scientific ($BSX). In addition, BSC received an option to acquire Mvalve for $200 million, according to the Israeli business publication Globes.
Operating in stealth mode thus far, Mvalve is working on a device to prevent mitral regurgitation, an abnormal reversal of blood flow from the heart's left ventricle to the left atrium. Currently, patients are left untreated since they aren't eligible for open heart surgery or other options, the company said.
According to Globes, Maurice Buchbinder discovered the technology and founded Mvalve in 2012 with CEO Assif Stoffman. Stoffman is a partner in XT Investment funds (formerly Ofer High Tech). His fund was previously the sole investor in Mvalve.
- here is the Globes story