Medtech company crowd funds $12.4 million

Crowdfuning-Bank

Private heart failure treatment company BioVentrix has closed a $12.4 million equity financing. The deal was managed by microcap specialist brokerage Taglich Brothers and involved 195 undisclosed, accredited investors, according to an SEC filing.

The company focuses on less-invasive heart failure interventions. In the EU, BioVentrix markets its Revivent Myocardial Anchoring System, which can be used for surgical interventions on the left ventricle that do not require myocardial incision or cardiopulmonary bypass.

BioVentrix's Revivent Myocardial Anchoring System--Courtesy of BioVentrix

BioVentrix’s Revivent Myocardial Anchoring System–Courtesy of BioVentrix

It also has the Revivent-TC Ventricular Enhancement System, which is not yet approved and provides a closed-chest alternative to a conventional surgical ventricular restoration. It is used to reshape the left ventricle (LV) to improve pumping efficiency and reduce wall stress

Both systems use titanium micro-anchoring devices to treat the underlying cause of heart failure. In May, surgeons used the Revivant-TC system for the first time in France. It is now in clinical testing in Western Europe.

“The patient achieved a nearly 50% reduction in LVESVI (left ventricular end-systolic volume index) post-op with an unremarkable recovery, no complications, and was discharged from the ICU after only two days,” Dr. Louis Labrousse, a professor of cardiovascular surgery who participated in the surgery, said in a statement. “The therapy gives renewed hope to patients who suffer from ischemic heart failure by providing clinical benefits that cannot be achieved with optimal medical therapy alone.”

– here is the SEC filing