InnovHeart Raises Financing to Develop Saturn Transseptal TMVR System

January 27, 2022—InnovHeart s.r.l., a developer of transcatheter mitral valve replacement (TMVR) systems for the treatment of mitral valve disease, announced the closing of its Series C financing with the granting of an exclusive licensing agreement to Grand Pharmaceutical Group Limited (Grand Pharma) for InnovHeart’s Saturn device in Greater China. The Saturn valve is an investigational device and not available for sale, advised the company.

The transaction raised > $55 million in equity, upfront licensing fees, milestone payments, and structured royalties. InnovHeart is based in Milan, Italy, and Newton, Massachusetts.

The Series C equity round was led by Grand Pharma, together with the existing investors Genextra, Panakes Partners, and Indaco Venture Partners confirming their ongoing support. Additionally, the license agreement entitles Grand Pharma to develop, manufacture, and commercialize the Saturn device in mainland China, Hong Kong, Macau, and Taiwan.

“InnovHeart has already demonstrated excellent midterm (> 1 year) results with the transapical version,” commented Paolo Denti MD, in the press release. “This low-profile, adaptive valve design decreases the risk of [left ventricular outflow tract] obstruction and will be implanted transeptally in first-in-human [procedure] in 2022.” Dr. Denti is a cardiac surgeon at San Raffaele University Hospital in Milan, Italy.

Keith D. Dawkins, MD, Chairman of InnovHeart Board of Directors, commented in the company’s press release, “Interventional treatment for mitral regurgitation is considered to be one of the most challenging areas in the field of structural heart disease, yet also represents huge market potential, estimated to reach $17.4 billion globally in future years. This strategic agreement will provide InnovHeart with resources that will accelerate the development of the transseptal version of the Saturn system in first-in-human clinical trials, as well as access to the dynamic Chinese structural heart market.”

Shawn Chen, from senior management of the Medical Device Division of Grand Pharma, added, “We are very excited about this collaboration. The successful closing of this transaction demonstrates that Grand Pharma has completed the strategic layout in our cerebro-cardiovascular high-end medical devices sector. InnovHeart Saturn technology is one of the most promising TMVR technologies in the market. I am confident that with InnovHeart’s expertise in this field and Grand Pharma’s strong capability and resources, we will bring this innovative clinical solution to Chinese patients soon.”