Are serial entrepreneurs and VC’s focused on investing even more into Evalve for finally taking the company through the process of innovation to a point of actual value creation? Is Evalve Inc.’s new round of financing a true indication for the high expectations of its investors? Is the participation of Emergent Medical Ventures, the new VC firm founded by Thomas Fogarty and Allan May, an effort to push this technology to the market?
Evalve, Inc…announced today that it had successfully completed a $60 million Series D financing. BBT Fund LP led the round and was joined by current Evalve investors including, Delphi Ventures, New Enterprise Associates, Split Rock Partners 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…
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, Emergent Medical Ventures…The EVEREST II study continues at more than 35 centers in North America with more than 300 patients enrolled and more than 300 MitraClip devices implanted to date. Investigators are currently enrolling patients in both arms of the EVEREST II study — a randomized, controlled arm and a high risk registry arm — with the goal of completing enrollment by the end of 2008…
The EVEREST II (Endovascular Valve Edge-to-Edge REpair STudy) randomized study is evaluating the safety and efficacy of the MitraClip device compared to surgical mitral valve repair or replacement. This
prospective, randomized, multi-center study will enroll 279 patients at up to 42 sites in the United States and Canada. Patients are randomized 2:1 to receive the MitraClip device. Patients who are interested in participation in the study can call 1-877-MY-MR-FIX (1-877-696-7349). More information
about the EVEREST II trial is available at
http://www.mitralregurgitation.org.
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