Valcare Medical Announces Corporate Restructuring After Acquisition by TechWald

April 24, 2024—Valcare Medical, Inc., an Israel-based company focused on transcatheter-based treatments of mitral regurgitation, announced a comprehensive corporate restructure after the recent company acquisition by TechWald Holding S.p.A., which is headquartered in Italy. Valcare stated that the restructuring is aimed at accelerating the company’s plans to initiate the clinical studies of its Amend technology.

According to Valcare, Amend is mitral valve repair device with a D-shaped, semi-rigid closed ring and the company’s anchoring capabilities. The Amend platform also serves as the foundation for Valcare’s future mitral replacement and tricuspid repair solutions. The Amend device is limited to investigational use and is not commercially available.

The company also announced that as part of the restructuring, TechWald has appointed Steve Sandweg to serve as CEO. Mr. Sandweg brings a 25-year history in the medical device space at both Fortune 500 and startup companies in the cardiovascular and structural heart space. Most recently, he served as Chief Commercial Officer for EBR Systems, Inc, developer of a wireless cardiac pacing system for heart failure. Mr. Sandweg also worked for Keystone Heart as General Manager and Direct Flow Medical as Director, United States Clinical Field Operations. He began his cardiovascular and structural heart career at Medtronic.

“I’m excited and honored to be joining such a remarkably talented team,” commented Mr. Sandweg in Valcare’s press release. “The TechWald acquisition and corporate restructure offer a unique opportunity for us to increase focus and accelerate performance. Following the success of our 17-patient, first-in-human experience in which the Amend implant demonstrated positive clinical efficacy out to 6 months, we are eager to now begin enrolling patients in the AMEND Plus European pilot study and look forward to initiating our FDA early feasibility study in the United States next year.”

The company also appointed a new Board of Directors led by Executive Board Chair Chris Richardson. Mr. Richardson currently serves as CEO for SafeHeal. Before that, Mr. Richardson served as President and CEO of Keystone Heart and International President and Chief Commercial Officer of Direct Flow Medical, and General Manager of Evalve, which was acquired by Abbott Vascular in 2009.