BioVentrix, a medical device company focused on congestive heart failure, has raised $48.5m in a Series A financing round led by life-science venture capital investor Andera Partners.

The financing round also saw participation from Cormorant Asset Management, Taglich Brothers, Squarepoint Capital, and Richmond Brothers.

As part of the financing, Raphael Wisniewski from Andera Partners, and Bihua Chen from Cormorant Asset Management have been appointed to BioVentrix’s Board of Directors.

BioVentrix aims to use the funding to support the Premarket Approval (PMA) submission for its Revivent TC System, a less-invasive therapy solution for ischemic heart failure patients.

In addition, the company plans to use the funds to support additional procedures after completing enrollment in its PMA study and initial preparations for commercial launch.

BioVentrix president and CEO Jim Dillon said: “Our ability to complete financing with prominent world-class investors and the support of our existing shareholders is a testament to our team and the size of the untapped market opportunity in front of us.

“Treating advanced heart failure patients through left ventricular restoration is now recognized by the clinical cardiology community as an approach whose time has come.”

BioVentrix is a medical device company engaged in developing less invasive therapies for the treatment of dilated left ventricles and reversing the left ventricular remodelling process.

The company recently received the US Food and Drug Administration (FDA) approval for an Expanded Access Program after completing enrollment in the ALIVE multi-centre clinical trial.

Its Revivent TC System is designed to support a minimally invasive procedure to treat a dilated left ventricle in patients with a type of ischemic heart failure.

It is intended to treat ischemic heart failure patients with reduced ejection fraction (HFrEF) and extensive left ventricular scar, who have a suboptimal response to medical therapy.

The treatment using Revivent TC employs myocardial micro-anchor implants to reconstruct the dilated left ventricle resulting in a more efficient chamber.

Currently, Revivent TC is an Investigational Device, allowed for limited use in the US.

The medical device company is planning to submit the PMA to the FDA later this year.

In January last year, BioVentrix acquired MateraCor, a Southern California-based start-up engaged in the development of novel approaches to prevent progression and reverse heart failure.