BioStable Science & Engineering Announces Initial Closing of Series C Equity Round
AUSTIN, Texas–(BUSINESS WIRE)–BioStable Science & Engineering, a medical technology company focused on products for aortic valve repair for the treatment of aortic insufficiency, announced today the initial closing of its Series C equity financing. Lead investors Rex Health Ventures and Orlando Health Ventures were joined by Longmeadow Health Care Partners, Santé Health Ventures, Solas BioVentures, and other prior investors in the round. In conjunction with the financing, David Strong, CEO of Orlando Health, and Dr. David Adair, Managing Director of Solas BioVentures, have been appointed to the company’s Board of Directors.
The HAART Aortic Annuloplasty Devices are the world’s only internal annuloplasty rings designed for use during valve repair for aortic insufficiency, a condition in which a leaking aortic valve allows backflow of blood into the heart. While valve repair is the recognized standard of care for mitral valve insufficiency, the adoption of valve repair for the treatment of aortic valve insufficiency has been limited due to the complexity of existing repair techniques and the lack of enabling device technologies and educational opportunities for surgeons.1 By adapting proven mitral ring annuloplasty concepts to the aortic valve, the HAART Aortic Annuloplasty Devices help to simplify and standardize aortic valve repair and are enabling more widespread adoption of the procedure. To date, 100 surgeons, representing more than 70 heart centers in the U.S. and Europe, have performed over 700 aortic valve repair procedures using the HAART Devices.
“The HAART Aortic Annuloplasty Devices target a clear unmet need in the treatment options available to patients with aortic valve insufficiency,” said Anita Watkins, Director of Strategic Innovation at Rex Health Ventures. “The company has demonstrated impressive early adoption of its technologies and Rex Health Ventures is excited to partner with BioStable to help expand the availability of this important technology for patients.”
“Aortic valve insufficiency typically requires surgical intervention at a much younger age than for other heart valve conditions and there is real need for alternatives to avoid aortic valve replacement within this distinct and often undertreated population,” David Strong, CEO of Orlando Health, added. “BioStable’s approach fits perfectly with our strategy to invest in transformative technologies that align with our mission to improve the health and quality of life of the individuals and communities we serve.”
John Wheeler, President and CEO of BioStable Science & Engineering, concluded by saying, “Proceeds from the transactions will allow BioStable to expand sales, marketing, and surgeon training efforts and to initiate its post-market registry study of the HAART Aortic Annuloplasty Devices. We are looking forward to executing these strategies.”
About Orlando Health Ventures
Orlando Health Ventures is advancing healthcare innovation by strategically investing in early stage companies and technologies that are transforming and disrupting the healthcare industry. Orlando Health Ventures sources, evaluates, and invests in innovative companies that demonstrate potential for a strong return on investment, high growth opportunity and that align with the mission of Orlando Health.
About Rex Health Ventures
Rex Health Ventures (RHV) was established in 2012 by UNC REX Healthcare in Raleigh, N.C., as part of its commitment to innovation. RHV enables groundbreaking work by investing in and fostering companies and technologies that advance the future of health and improve patient care. RHV has partnered with more than a dozen emerging companies throughout North Carolina and the U.S., and leverages the talent and subject matter experts across the UNC REX and UNC Health Care network.
About BioStable Science & Engineering
BioStable Science & Engineering is a cardiovascular device company focused on developing and commercializing proprietary valve repair technologies that provide an alternative to valve replacement for patients with aortic valve disease. The company’s HAART Aortic Repair Technologies are designed to simplify and standardize aortic valve repair, enabling surgeons to offer the recognized clinical benefits of valve repair to patients undergoing surgical correction of aortic insufficiency or aortic aneurysm. To learn more visit www.biostable-s-e.com.
El Gamel A. Aortic Valve Repair: The Unfulfilled Destiny. Heart Lung Circ. 2019;28(7):986–987.