Symetis raises CHF 23M in a private round

Funding

Symetis SA, a privately held company developing Acurate, a percutaneous valve replacement, has raised CHF 23 million (€15.1 million) in a new financing round co-led by Wellington Partners and Vinci Capital–Renaissance PME. Banexi Venture Partners has also joined the round, together with existing investors Truffle Capital, Novartis Venture Fund, Aravis Venture, BiomedInvest and private investors.

Acurate features a self-positioning design, providing the physician with an unmatched positioning tolerance and ease of use. The device has completed pre-clinical studies and Symetis is preparing a first-in-man clinical study that is due to start in the second half of 2009.

In parallel, the company plans to start in vivo testing and validation of Acurate TF, a trans-femoral version of the Acurate device.

Trans-catheter aortic valve replacement therapy (TAVR) is expected to grow from $100 million in 2008 to over $1 billion by 2015. The recent acquisition by leading manufacturer Medtronic of two TAVR companies for over $1 billion supports this forecast.

Driving the TAVR growth is the emergence of a new market segment of inoperable high risk patients and a progressive transfer from “surgical” to “percutaneous” devices, reducing hospital stays, co-morbidity and costs. Semetis says the self-positioning features of Acurate will make TAVR easier, safer and more reliable.

Erich Schlick, General Partner at Wellington Partners, co-lead of the round, said, “With this investment, we are confirming our September 2008 assessment of Symetis: a unique technology backed by strong intellectual property, an excellent, seasoned management team and a sound business strategy.”