Boston Scientific Corporation (NYSE: BSX) announced that it has closed an additional round of financing with Israeli company MValve Technologies Ltd. and has an exclusive option to buy the mitral valve developer. In July 2014, "Globes" reported that Boston Scientific invested $15 million in MValve, and at that time had obtained an exclusive option to buy the Herzliya-based company for $200 million. Boston Scientific said it has been providing MValve with funding since 2012.
Dr. Maurice Buchbinder, an interventional cardiologist who discovered the technology, founded MValve in 2012 together with CEO Assif Stoffman. Stoffman is a partner in the XT Investments fund (formerly Ofer High Tech), the Ofer Brothers high tech investment fund.
MValve Technologies plans to utilize the new financing, in part, to fund a first-in-human clinical trial for the MValve docking system for transcatheter mitral valve replacement (TMVR) in patients with mitral regurgitation. The approach, in which the Boston Scientific Lotus Valve is deployed inside the MValve docking system, is designed to enable the treatment of mitral regurgitation in a broad range of patients, and to improve long-term clinical outcomes in this patient population. Both the dock and valve can be repositioned and recaptured, enabling precise valve placement and physician confidence prior to releasing.
Mitral regurgitation is the most common type of heart valve disorder and occurs when the mitral valve does not close properly, causing an abnormal reversal of blood to flow from the left ventricle into the left atrium.
Boston Scientific SVP and president, Interventional Cardiology Kevin Ballinger said, "The TMVR segment represents another significant growth opportunity as we continue to build our Structural Heart portfolio. This round of financing will support the development of the MValve technology in anticipation of a first-in-human clinical trial, and we are pleased to be continuing our collaboration."
Mvalve founder and medical director Buchbinder said, "MValve is proud of our truly novel technology, and we look forward to continued development of this unique mitral system - a system that we anticipate will finally provide physicians with a transformative solution and offer patients the appropriate treatment they deserve."
Published by Globes [online], Israel business news - www.globes-online.com - on October 9, 2015
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