Xeltis, a Zurich, Switzerland- and Eindhoven, The Netherlands-based medical device company developing bioabsorbable cardiovascular valves and vessels designed to allow Endogenous Tissue Restoration (ETR), completed a €3m extension of its Series B financing.
The company intends to use the funds to accelerate its pipeline development on several cardiovascular indications.
Led by CEO Laurent Grandidier, Xeltis develops bioabsorbable cardiovascular devices that 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 company has completed the first two feasibility trials for its bioabsorbable cardiovascular device technology, showing positive results in patients a year after surgery.
Xeltis, which is now planning to start the clinical trial program for its pulmonary valve in 2016, 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.
Investors in Xeltis, which had completed an oversubscribed series B financing round of €27m in 2014, include Life Sciences Partners, Kurma Partners, VI Partners and private shareholders.