Tendyne, a privately held medical device company focused on mitral valve repair, secured $25 million in Series C financing it will use for testing of its transcatheter mitral valve transplant system used to treat mitral regurgitation.
The group includes Apple Tree Partners, the Boulle Group and existing investors. David McIntyre, a partner at Apple Tree, was added to the Tendyne board of directors.
Based in Roseville, MN, the company is developing what it calls a unique transcatheter mitral valve implant that is applied in a specially designed operating room as the patient's heart remains beating. The company says the device can treat a variety of mitral issues, and with its less invasive procedure the chances of complications from traditional surgery are reduced.
Mitral valve regurgitation is when the heart's mitral valve doesn't close completely and leaks blood back into the left atrium. According to industry statistics, more than 2.5 million people in the U.S. alone suffer from either moderate or severe functional mitral regurgitation. The mitral valve repair market is estimated to be $1 billion, which accounts for the number of players looking to tap into it.
"This infusion of capital allows us to move ahead confidently as we accelerate our minimally invasive mitral valve program," Tendyne CEO Jeff Franco said in a release.
Last month, Edwards Lifesciences ($EW) reported initial success with the first three human implants of its Fortis mitral transcatheter heart valve conducted at a London hospital. Other players in the market are Abbott ($ABT), Medtronic ($MDT) and Neovasc.
- read the release