Foldax has announced the closing of a $20 million Series D round of funding. According to a press release, MemorialCare Innovation Fund (MCIF) led the round, with Angel Physicians Fund (APF) and Sayan Bioventures joining as new investors. All existing investors also participated in the round, including BioStar Capital, Kairos Ventures and Caltech. Brant Heise, MCIF Managing Director, joined the board in conjunction with the investment.
The use of funds will continue to add patients to the recently completed early feasibility trial clinical trial for the company’s surgical aortic Tria biopolymer heart valve, initiate and enrol patients into the clinical trial for the surgical mitral valve, as well as continue development of the transcatheter aortic valve implantation (TAVI) device for the first-in-man clinical study.
The press release reports that the Tria valve reimagines the heart valve by incorporating a new, proprietary biopolymer—LifePolymer—with an innovative valve design intended to eliminate calcification, withstand stresses and strains without failure, and restore patient quality of life without lifelong use of anticoagulants. Tria is also the first and only heart valve to be robotically manufactured, reducing variability, enabling high precision, repeatability, and quality, while substantially improving the economics of heart valve manufacturing.
Brant Heise, managing director of MCIF, says: “We are enthusiastic about the potential for Foldax’s technology to positively impact healthcare systems in our drive to enhance both clinical outcomes and quality of life for patients suffering from cardiovascular disease. The creativity demonstrated by the company in overcoming traditional obstacles has been striking, and we look forward to being part of its continuing innovation of the heart valve space.”
Manish Bhandari, Managing Partner at APF and Sayan Bioventures, comments: “We are excited to support Foldax in the development of a truly revolutionary heart valve technology that has the potential to transform cardiac care on a global scale. We have been impressed by the Tria heart valve design and the impact it may make in the lives of patients suffering from valvular heart diseases. We applaud the tireless efforts of a very experienced management team at Foldax in making this a reality.”
Foldax CEO Frank Maguire adds: “We are pleased that our technology has attracted the interest of healthcare provider-based investors who have recognized its broad potential to improve the treatment of valvular disease. These partners will allow us to accelerate our development and clinical plan.”