Endovalve has reached early milestones and is raising $8 million in a second round of financing to fund the rest of its preclinical program to develop a heart valve replacement system, according to Battelle Ventures of PrincetonEndovalve has reached early milestones and is raising $8 million in a second round of financing to fund the rest of its preclinical program to develop a heart valve replacement system, according to Battelle Ventures of Princeton, a fund that is providing cash and other assistance to Endovalve. The system is being developed to treat mitral regurgitation, an abnormal leaking of blood through one of the heartÂs valves.
ÂThe company has successfully demonstrated feasibility of concept, has met required milestones and has performed under budget, said Tracy Warren, general partner of Battelle Ventures. The venture fund plans to invest $3 million this round and is seeking a lead investor that has experience in taking medical devices to market.
Robert Wilkins, president and CEO of Endovalve, said that Ânew funding will allow us to fabricate preclinical prototype systems, and develop engineering and preclinical test protocols designed to demonstrate the safety and performance of the system. We expect to conduct preliminary preclinical studies by the end of the year.Â
Battelle Ventures and its affiliate fund, Innovation Valley Partners of Knoxville, Tenn., spun Endovalve out of the University of Pennsylvania with an investment of $2.5 million last year. Endovalve has since been using BattelleÂs office as its operational headquarters. The venture firm has also provided the start-up company with a CEO and engineering and management employees.
