Financing Provides Capital to Complete EVEREST Pivotal Study and Begin
Company Provides Updated Information on its Investors
MENLO PARK, Calif., Dec. 4 /PRNewswire/ -- Evalve, Inc., the leader in the development of devices for the percutaneous repair of cardiac valves, announced today that it had successfully completed a $60 million Series D financing. BBT Fund LP led the round and was joined by investors including, Delphi Ventures, New Enterprise Associates, Split Rock Partners, Cutlass Capital, Integral Capital Partners, ABS Ventures, Emergent Medical Ventures and Abbott Laboratories.
This financing will enable Evalve to begin preparations for commercialization of the MitraClip(R) device in Europe and continue to move toward U.S. approval of the product by completing enrollment in its EVEREST pivotal study. The MitraClip device is intended to treat mitral regurgitation (MR) by percutaneously repairing the mitral valve allowing patients to avoid the risks, trauma and costs associated with current open, arrested heart surgical treatment.
"The strong interest from both new and existing investors indicates a high level of confidence in our clinical results to date, as well as enthusiasm for our potential to improve the continuum of care for patients suffering from structural heart disease and the expanding market this represents," said Ferolyn Powell, President and Chief Executive Officer of Evalve. "We are pleased that this financing will allow Evalve to progress toward commercialization of our MitraClip device for percutaneous mitral repair."
Evalve also announced today changes to its board of directors. Ryan
Perras, Principal at Apothecary Capital, will join the board while Dr.
Thomas Fogarty will step down from his role as a director. Dr. Fogarty will
continue his involvement with the company, joining as an investor in this
round of funding through his new fund, Em
|SOURCE Evalve, Inc.|
Copyright©2007 PR Newswire.
All rights reserved