Luxembourg, 6 January 2021 – Jean Boulle Medtech Ltd is pleased to announce that VDYNE, Inc. (“VDYNE” or “the Company”), a privately held medical device company founded by Jean Boulle Medtech to develop a transcatheter replacement tricuspid valve, has closed a $21 million, heavily subscribed Series C financing. The financing was led by Jean Boulle Medtech and included both existing and new investors. In particular, the Company secured significant participation from a large, global medical device company. The proceeds from the financing will be directed towards a programme of human clinical trials in the first half of 2021.
VDYNE’s innovative technology addresses tricuspid valve regurgitation, a condition whereby the heart can become enlarged because blood leaks back into the right atrium when the right ventricular contracts. The right ventricles primary responsibility is to pump blood towards the lungs for re-oxygenation, but impaired functionality of the tricuspid valve causes the back flow of blood into the right atrium.
VDYNE’s novel valve replacement and minimally invasive delivery system enables the treatment of a broad range of tricuspid anatomies. VDYNE’s unique system delivers a prosthetic valve via a transfemoral catheter, and is completely repositionable and retrievable. The Company is nearing completion of requisite pre-clinical studies and the proceeds from the financing will support the Company’s first-in-human feasibility studies which are expected to commence in the first half 2021.
Commenting on the announcement Jean Raymond Boulle II, Director of Jean Boulle Medtech and VDYNE, said:
“The participation of a large, global medical device company in another successful fundraising for VDYNE is a major vote of confidence in our award-winning technology and the team behind it. The funds raised will enable VDYNE to rapidly advance human clinical trials of VDYNE’s unique transcatheter replacement valve which has the potential to save and improve numerous lives worldwide.”
For more information please contact:
Jean Boulle Medtech
+352 222 512
Michael Oke/ Andy Mills
+44 207 321 0000
About VDYNE Inc
VDYNE has a strong and highly experienced team with a proven track-record in structural heart and the development of transcatheter therapies.
About Tricuspid Regurgitation
TR Tricuspid Regurgitation (“TR”) occurs when the tricuspid valve does not close properly, blood flows backwards from the right ventricle into the right atrium instead of progressing to the heart for re-oxygenation. This regurgitation is a debilitating condition that impacts the general health and quality of life of a significant portion of the patient population. More importantly, surgical intervention to treat TR has high rates of mortality and morbidity. There are presently no approved minimally-invasive valve replacement treatment alternatives.
About Jean Boulle Medtech
Part of the Jean Boulle Group, Jean Boulle Medtech Ltd. is an active investor in a wide range of early-stage medical technologies and has a uniquely successful track record in the development of medical devices for use in cardiology.
Jean Boulle Medtech was the founding investor of Tendyne Holdings, Inc. which developed the most successful Transcatheter Mitral Valve Implant (“TMVI”) device in existence today. Abbott Laboratories (NYSE: ABT) (“Abbott”) acquired Tendyne Holdings in 2015 for a total consideration of US$400 million excluding Abbott’s existing 10% of the company. Tendyne Holdings’ transcatheter mitral heart valve implant received CE Mark approval from the European Union in early 2020 and has already been implanted in patients throughout Europe.