Legend Capital joins funding round for heart valve implant maker
Legend Capital has participated in a $62.5 million Series C round of funding for Munich-based JenaValve Technology, a manufacturer of valve systems used to treat heart conditions. The company intends to apply to market products in China.
Other investors in the round include Omega Funds and return backers Gimv, Edmond de Rothschild Investment Partners, Atlas Venture Fund, NeoMed Management, VI Partners and Sunstone Capital.
JenaValve's transcatheter aortic valve implantation (TAVI) allows the implantation of a bioprosthesis for the aortic valve, designed to anchor to a patient's own valve. The market for these is expected to grow to over $3 billion in 2016, according to Goldman Sachs.
The company recorded revenues of $6 million for 2012. It is incorporated in the US and manufactures its devices in Germany. These are marketed in Europe, and the company plans to pursue clinical initiatives in the US as well as seek regulatory approval for its TAVI product in China.
The investor capital will be used to fund clinical trials and expand commercial infrastructure.
Legend Capital Managing Director Ouyang Xiangyu said: "JenaValve is an excellent fit with our strategy to invest in emerging companies in a fast growing segment, backed by solid clinical evidence with a desire to tap into an unmet need for a large subset of patients in China."
Jenavalve's series B round took place in March 2010 when it raised EUR19 million ($25 million) from Sunstone, VI Partners, Gimv, Atlas, EdRip and Neomed.
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