InnovHeart has secured a $55m in series C financing to further develop its trans-septal Saturn transcatheter mitral valve replacement (TMVR) system.

Led by Grand Pharmaceutical Group, the financing round saw participation from existing investors Genextra, Panakes Partners and Indaco Venture Partners.

As a result of latest financing round, Grand Pharma has also secured an exclusive licence from InnovHeart for the Saturn TMVR device in Greater China.

Under the deal, Grand Pharma will commercialise the Saturn device in Mainland China, Hong Kong, Macau and Taiwan.

The transaction also covered upfront licencing fees, milestone payments and structured royalties for InnovHeart.

InnovHeart directors board chairman Dr Keith Dawkins said: “Interventional treatment for mitral regurgitation is considered to be one of the most challenging areas in the field of structural heart disease, yet also represents huge market potential, estimated to reach $17.4 billion globally in future years.

“This strategic agreement will provide InnovHeart with resources that will accelerate the development of the trans-septal version of the Saturn system into First-in-Human clinical trials, as well as access to the dynamic Chinese structural heart market.”

InnovHeart has designed the Saturn as a low-profile mitral heart valve for trans-apical or trans-septal delivery.

At present, the company is carrying out clinical trials with the Saturn TMVR system.

In August 2020, InnovHeart closed a Series B equity financing round at €20m, to complete the first-in-human clinical trial of Saturn TMVR system.

With locations in Milan of Italy and Newton of Massachusetts in the US, InnovHeart is engaged in the development of TMVR system for the treatment of patients with mitral valve disease.