BioVentrix Closes Financing to Support PMA of Revivent TC System

April 13, 2023—BioVentrix, Inc., a developer of minimally invasive therapies to treat the dilated left ventricle and reverse the left ventricular remodeling process in patients with congestive heart failure, announced the completion of $48.5 million Series A round financing.

The funds will support completion of the BioVentrix premarket approval (PMA) submission for its Revivent TC system. The company is preparing to submit the PMA application to the FDA later this year. Additionally, it will support expanded access to allow additional procedures after the completion of enrollment in its PMA study and initial preparations for commercial launch.

In January 2023, BioVentrix announced approval from the FDA for an Expanded Access Program after the successful completion of enrollment in ALIVE, a prospective, multicenter, dual-arm pivotal study of the Revivent TC system. Enrollment in the ALIVE trial was completed in April 2022.

According to the company, the BioVentrix Revivent TC system is designed to support a minimally invasive procedure to treat a dilated left ventricle of patients with ischemic heart failure with reduced ejection fraction and extensive left ventricular scar who have a suboptimal response to guideline-directed medical therapy. The Revivent TC procedure employs myocardial microanchor implants to reconstruct the dilated left ventricle resulting in a more efficient chamber.

BioVentrix advised that the financing round was led by Andera Partners. The investor syndicate also included Cormorant Asset Management, Taglich Brothers Inc., Squarepoint Capital, and Richmond Brothers. In conjunction with the financing, BioVentrix appointed Raphael Wisniewski of Andera Partners and Bihua Chen of Cormorant Asset Management to its Board of Directors.