InterValve, a medical device company in Minnetonka, Minnesota, is looking to close its series A round of funding soon in order to advance its proprietary aortic valvuloplasty balloon to clinical trials later this year.
CEO Mark Ungs said the company hopes to begin testing its transcatheter aortic valve device in humans this year and submit it for U.S. Food and Drug Administration clearance next year.
According to a U.S. Security and Exchange Commission form D filed earlier this month, the device maker is targeting an $8 million series A and has already raised $4.7 million from 12 investors, including Twin Cities Angels, a “strategic investor” and “prominent local Minneapolis businessmen.”
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InterValve’s technology is designed for use in transcatheter aortic valve therapy to replace aortic valves without cracking open a patient’s chest. Currently, surgeons use tiny balloons to open up valves to prepare them for an implant, although these balloons were designed more than 30 years ago and not for this specific purpose.
A new wave of percutaneous heart valves has been developed by companies including Medtronic and Edwards Life Science, and InterValve’s hourglass-shaped device is meant to complement those devices by fitting more securely in the valve and allowing surgeons to measure the size and structure of the valve. It will enhance procedural safety and efficacy for transcatheter aortic valve therapy, a growing market that’s projected to be worth multibillions of dollars in sales, the company says.
InterValve was founded in 2008 by a group of cardiologists and industry executives.
