Xeltis, which is working on polymer-based heart valve replacement, scored €45 million ($52 million) in an oversubscribed series C round.
The funds will bankroll the continuation of clinical activities, as well as ramp up product and market development for Xeltis’ aortic and pulmonary valve programs, according to a statement. It was the largest investment round for a private medical device company in Europe so far this year.
Xeltis’ bioresorbable, polymer-based technology is designed to allow for the natural restoration of heart valve function via endogenous tissue restoration (ETR). After Xeltis’ valve is implanted, the body develops tissue inside and around the device, forming a natural and fully functional valve within it, the company says. As the new valve heals, the implant is gradually absorbed into the body.
"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," said CEO Laurent Grandidier. "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."
Ysios Capital led the round, while existing backers LSP, Kurma Partners and VI Partners also participated. Previously, Xeltis bagged $34 million in an oversubscribed series B round in 2014.
Pulmonary heart valve replacement is its lead program, with the aortic valve not far behind. In October last year, the company launched a clinical trial investigating the device’s use in correcting or reconstructing the right ventricular outflow tract (RVOT) in children. RVOT reconstruction is an open-heart procedure that is usually done to treat children with congenital heart defects.