Xeltis has completed a €3 million extension to its series B financing, bringing the total round to €30 million. Xeltis is the first-ever medical device company developing bioabsorbable cardiovascular valves and vessels designed to allow Endogenous Tissue Restoration (ETR). The proceeds of this financing extension will help accelerate Xeltis’ pipeline development on several cardiovascular indications.
Xeltis is a European medical device company based in Zurich, Switzerland and in Eindhoven, The Netherlands. Xeltis successfully completed an oversubscribed series B financing round of €27 million in 2014, extended to €30 million in 2015.Investors include Life Sciences Partners, The Netherlands (LSP), Kurma Partners, France (Kurma), VI Partners, Switzerland (VI) and private shareholders.
In 2015, Xeltis transformed from university spin-off into one of the world’s most promising medtech start-ups. The company has successfully completed the first two feasibility trials for its bioabsorbable cardiovascular device technology, showing positive results in patients a year after surgery. Xeltis is planning to start the clinical trial program for its pulmonary valve in 2016.
The startup recently nominated Michel Darnaud, an internationally recognized senior executive in cardiovascular medical devices, as new Chairman of the Board and its Executive Team has been joined by international life science professionals, including COO Boris Warnack and CDO Eliane Schutte. “Xeltis is one of the most innovative and fast-paced companies I have come across in my career - said Darnaud, who joined the board in May and became Chairman in November - its potential to change the standard of care in cardiovascular treatment is striking.”
Xeltis has also been included in the 2015 Fierce 15 list of most promising private medtech companies by the US daily report Fierce Medical Devices. Additionally, CEO Laurent Grandidier just received an award for 2015 Best CEO in the Medical Device Industry by magazine European CEO. “In 2015 we have further strengthened our technology potential, our finances, our executive team and our board” – stated Grandidier – “and I am very honored by the business and public recognitions, which are beginning to establish a track record for our remarkable venture.”
About the Xeltis technology and ETR
The Xeltis bioabsorbable cardiovascular devices work as normal valves or vessels once implanted. Their porous structure is a matrix designed to enable ETR, by allowing the body’s natural healing process to pervade it with new healthy tissue. The matrix is designed to get bioabsorbed, leaving the patient with a new healthy, functioning valve or vessel.
ETR is a transformational therapeutic approach in cardiovascular treatment. It has the potential to help reduce the risk of patient complications generally caused by foreign material in the body, as well as the risk of repeated procedures normally needed for patients with replacement cardiac valves, therefore possibly lowering the overall healthcare costs.
The Xeltis technology is based on Nobel prize-winning science of supramolecular chemistry by Professor Jean-Marie Lehn.
(Press relase)
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