MedTech: Lausanne-based Polares Medical Closes a $40M Financing

Polares Medical SA: Polares Medical Closes a $40M Financing to Complete Pilot Clinical Studies

DGAP-News: Polares Medical SA / Key word(s): Financing/Private Equity
25.06.2020 / 09:00
The issuer is solely responsible for the content of this announcement.

Polares Medical Closes a $40M Financing to Complete Pilot Clinical Studies

Lausanne & Palo Alto, 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 financing 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.

About Polares Medical
Polares Medical SA (www.polaresmedical.com) is 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). Polares Medical was spun off in 2017 from Symetis SA prior to the acquisition of Symetis by Boston Scientific.

About Longitude Capital
Longitude Capital is a private investment firm that makes venture growth investments in biotechnology, medical technology and health solutions companies that seek to improve clinical outcomes, enhance quality of life and/or reduce system costs. Longitude Capital invests in both privately held and publicly traded life science companies through a variety of investment approaches. Longitude Capital has offices in Menlo Park, CA, Greenwich, CT and Boston, MA. For more information, please visit www.longitudecapital.com.

For more information, please contact:

Polares Medical SA
Website: www.polaresmedical.com

25.06.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

SOURCE: https://www.dgap.de/

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