InnovHeart has closed a Series B equity financing round at €20m, to complete the first-in-human clinical trial of its advanced Saturn transcatheter mitral valve replacement (TMVR) system using a trans-apical approach.

The funding round saw the participation of Genextra, which has been the sole investor in the company since 2015. The round also attracted investment from a syndicate led by Panakes Partners, CDP Venture Capital and Indaco Venture Partners.

As part of the Series B investment, Panakes Partners principal Barbara Castellano will be appointed as a director in InnovHeart board, representing Panakes Partners.

Barbara Castellano said: “The innovative design of Saturn TMVR and its unique approach to delivering and anchoring the implant has the potential to provide significant advantages over first generation systems and the ability to treat a large and heterogeneous patient population.”

Genextra investment director Federica Draghi said: “Genextra is eager to continue supporting InnovHeart through the significant milestones the Company is about to achieve, bringing the novel Saturn valve to trans-apical and trans-septal clinical testing.”

Saturn TMVR system is a mitral heart valve that supports trans-apical or trans-septal delivery

Saturn TMVR system is a low-profile mitral heart valve, designed to facilitate trans-apical or trans-septal delivery, and is currently being evaluated under clinical trials.

Apart from Saturn system trials, the company intends to use proceeds from the financing to complete the development of a trans-septal delivery system, which leverages the Saturn valve technology.

Established in 2015, InnovHeart is engaged in developing TMVR systems for the treatment of patients with mitral valve diseases, and holds offices in Milan, Italy, and Boston, Massachusetts.

InnovHeart board chairman Keith D Dawkins said: “With millions of patients suffering from severe Mitral Regurgitation, there remains an unmet clinical need for a safer, less-invasive treatment that has the potential to eliminate MR.

“With the support of Genextra and our new investors in this Series B financing, we are excited to be able to take the Saturn TMVR into the clinic and begin providing a solution for these patients.”