Irvine-based JenaValve Technology Inc., a clinical stage device maker that aims to compete in the heart stent industry with Edwards Lifesciences Corp., Orange County’s most valuable publicly traded company, is attracting heavyweight executives, directors and investors both locally and from Europe.
On Aug. 31, JenaValve announced the close of a $100 million Series C financing that was led by current investor Bain Capital Life Sciences as well as new investors like the Qatar Investment Authority.
Proceeds from the financing will enable JenaValve to complete the company’s study to obtain FDA approval for its Trilogy Heart Valve System, a treatment for high-risk surgical patients with symptomatic, severe aortic regurgitation.
JenaValve, which is preparing for a U.S. launch, will also use the proceeds to expand its worldwide manufacturing capabilities.
“JenaValve is committed to becoming the first and only FDA-approved transfemoral transcatheter valve system indicated for symptomatic, severe aortic regurgitation, addressing an estimated multibillion-dollar U.S. market opportunity,” JenaValve Chief Executive John Kilcoyne said in a statement.
The company last reported raising $50 million two years ago.
German Beginnings
The original JenaValve design concept was developed by Professors Hans Figulla and Markus Ferrari, who were cardiologists at the Friedrich Schiller University in Jena, Germany.
Established in 2006, JenaValve decided in 2019 to hire Kilcoyne, who has more than 30 years of medical device experience in startups, IPOs and acquisitions. Kilcoyne, who holds more than 20 patents, has been CEO of companies that were acquired by medical device giants like Medtronic and Johnson & Johnson.
He’s recruited several executives with deep ties in OC’s medical device industry.
In April, he hired as chief financial officer Kari Moore, who previously was chief accounting officer at Brea-based Envista Holdings Corp. (NYSE: NVST), a dental device maker with a $5.9 billion market cap as of earlier this month.
Vice President of Clinical Affairs Vinny Podichetty, who joined JenaValve in 2019, previously developed a network of over 100 global clinical structural heart research centers for Edwards Lifesciences (NYSE: EW).
Kilcoyne also brought on as chief commercial officer Pete Spadaro Jr., who was president of a medical device company that made artificial hearts and had multiple roles at Medtronic, including as senior director of Cardiac Surgery Sales and Structural Heart National Accounts and as director of U.S. TAVR Sales.
Another key member is R&D Vice President Greg Mirigian, who held several leadership roles over 16 years at Boston Scientific Neurovascular.
The board of directors includes Chairman Jan Keltjens, who worked as a top executive at medical device companies that were acquired by Philips, Medtronic and Stryker Corp.; Erik Amble, who was co-founder and former chairman of the Norwegian Venture Capital Association and who was on the board of Irvine-based Axonics Inc. (Nasdaq: AXNX); Keith Dawkins who was chief medical officer at Boston Scientific Corp.; and Olivier Litzka, who has been a partner at Andera Partners, formerly Edmond de Rothschild Investment Partners, since 2006.
“We continue to maintain conviction in the strength of JenaValve’s differentiated technology, its prospects for entering the U.S. market, and potential for substantial long-term value creation,” said Andrew Hack, managing director of Bain Capital Life Sciences and also a member of JenaValve’s board of directors.
