Foldax, a Salt Lake City, UT-based heart valve company, closed a $20m Series D round of funding.
The round was led by MemorialCare Innovation Fund (MCIF) with participation from new investors Angel Physicians Fund (APF) and Sayan Bioventures and existing investors BioStar Capital, Kairos Ventures and Caltech. in conjunction with the investment, Brant Heise, MCIF Managing Director, joined the board.
The company intends to use the funds to continue to add patients to the recently completed EFS clinical trial for its surgical aortic Tria™ biopolymer heart valve, initiate and enroll patients into the clinical trial for the surgical mitral valve, as well as continue development of the transcatheter aortic valve replacement (TAVR) device for the first-in-man clinical study.
Led by CEO Frank Maguire, Foldax is developing surgical and transcatheter valves in partnership with Caltech and CSIRO, Australia’s science agency. The Tria valve incorporates a new, proprietary biopolymer – LifePolymer™ – with an innovative valve design intended to eliminate calcification, withstand stresses and strains, and restore patient quality of life without lifelong use of anticoagulants. Tria is also robotically manufactured.