June 25, 2020
Polares Medical SA a clinical-stage medical technology company focused on the development of a unique trans-catheter mitral valve hemi-replacement system to treat patients suffering from mitral regurgitation (MR), announced today the closing of a $40 million.
Polares Medical said the financing was led by Longitude Capital (Menlo Park) with the participation of Decheng Capital (Menlo Park), Endeavour Vision (Geneva), IDO Investments (Muscat), Earlybird Venture Capital (Berlin), and Wellington Partners (Munich).
Polares Medical’s solution to MR takes a novel approach to the original concept of hemi-replacement of the mitral valve by replacing the posterior leaflet with a prosthetic leaflet designed to enhance coaptation with the native anterior leaflet. Early clinical results have demonstrated the feasibility of this concept. “Polares’ approach to treating MR has the potential to be a new first-line treatment for a large range of both functional and degenerative mitral regurgitation patients. We are excited to partner with the Polares team and this strong group of syndicate partners in the advancement of this innovative hemi-replacement technology,” said Maxwell Bikoff of Longitude Capital.
Polares Medical closed a $25 million Series A financing in 2018 to bring the former Middle Peak Medical technology from an in-vivo proof of concept to a clinical first-in-human. “We achieved the Series A financing objective of bringing the Polares technology to the clinic. With this Series B financing, we intend to advance our clinical studies in Europe and the United States,” said Jacques Essinger, Ph.D., Chairman and CEO.