Polares Medical closes a $25M financing round

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18.07.2018
Symbolic Pic: Heart

Polares Medical SA is spin-off of Symetis, developing a novel device for treating patients with mitral valve regurgitation. The startup has closed a $25 million financing to enter clinical validation.

The round was led by Decheng Capital (Menlo Park and Shanghai) together with Endeavour Vision (Geneva), IDO Investments (Muscat), Earlybird Venture Capital (Berlin) and Wellington Partners (Munich).

“This investment allows Polares to bring our technology to clinical evaluation, and to unleash its potential as a game-changer in MR treatment.” said Jacques Essinger, Ph.D, Chairman and CEO.

Polares is a preclinical stage spinoff company of Symetis AG, focused on the development of a unique trans-catheter mitral valve hemi-replacement system to treat patients suffering from mitral regurgitation (MR). MR is a condition in which the heart's mitral valve does not close tightly enough, allowing blood to flow backward in the heart and potentially leading over time to declining heart function and heart failure.

The startup’s solution is based on the original concept of hemi-replacement of the mitral valve, that is. the replacement of the posterior leaflet with a prosthetic leaflet designed to enhance coaptation with the native anterior leaflet.

“Hemi-replacement represents a new treatment paradigm for mitral regurgitation, between repair and total replacement. We believe this approach has the potential to provide an effective addition to the armamentarium for the percutaneous treatment of MR,” said Decheng Principal Nick Pliam, MD, Ph.D.

This technology was obtained from Middle Peak Medical, a private U.S. and German medical device company that was acquired by Symetis in February 2017. Following this event, Symetis itself was sold to Boston Scientific Corporation for $435 million in cash.

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