OR YEHUDA, Israel, November 28, 2016 /PRNewswire/ --
Transaction Provides Opportunity to Optimize the Significant Potential of the Cardioband[TM] Heart Valve Repair System
Valtech Cardio, Ltd., (Valtech), an innovator in the field of device development for mitral and tricuspid valve repair and replacement, today announced agreement to be acquired by Edwards Lifesciences Corporation (Edwards). The acquisition will give Edwards access to the Cardioband[TM] Reconstruction System (Cardioband) for transcatheter repair of the mitral valve and tricuspid valve of the heart.
"We are pleased that Edwards, a global leader in patient focused medical innovations for structural heart disease, has elected to include in its growing portfolio of transcatheter based therapies, the Cardioband[TM] system for both mitral and tricuspid valve repair. We believe this will position Cardioband[TM] to achieve its full potential as a fundamental breakthrough in the way patients are treated for both mitral and tricuspid regurgitation" said Amir Gross, Founder and CEO of Valtech. "On behalf of the entire Valtech organization, I want to thank the many physicians who supported us over the past ten years in the development of the Cardioband[TM] platform."
"None of our success with the Cardioband[TM] program could have been achieved without the passion and perseverance of the entire Valtech team. We are extremely proud of their accomplishments over the past ten years, and are very excited about the potential impact Cardioband[TM] will have on patient care in the years ahead," said Lawrence Best, Executive Chairman of Valtech.
About Valtech's Products
Cardioband[TM] Mitral Reconstruction System
Cardioband[TM] received CE Mark certification in September 2015 after demonstrating safety in a clinical trial among patients with functional mitral regurgitation. Cardioband[TM] permits physicians to repair the mitral valve in a first-line setting while preserving the option to perform future percutaneous or surgical valve repair and/or replacement.
Cardioband[TM] combines a reconstruction implant, similar to surgical annuloplasty devices, with a transcatheter transseptal delivery system. Connection of the implant to the mitral annulus is sutureless, using specially designed anchors. Reshaping of the mitral annulus to eliminate FMR is done under physiological conditions and echocardiographic guidance for optimal results.
Cardioband[TM] Tricuspid Reconstruction System
Cardioband[TM] TR is designed to enable physicians to reconstruct the tricuspid valve using the same technique and implant as the Cardioband[TM] mitral valve repair technology. The company is recruiting patients for its CE study in Europe.
Cardiovalve[TM] Replacement System
Prior to the closing, Valtech will spin out its early stage Cardiovalve[TM] program, and as part of the agreement, Edwards will retain an option to acquire the Cardiovalve[TM] program at a later date. Cardiovalve[TM] is a transcatheter, transseptally delivered, low-profile, mitral valve replacement (TMVR) system following the Valtech way of delivering surgical based solutions without the risk of surgery. The Cardiovalve[TM] platform has an orientation-indifferent structure for reduced implant complexity and was designed from inception to enable transseptal delivery.
About Valtech Cardio, Ltd.
Valtech Cardio, Ltd., founded in 2005, is a privately held company specializing in the development of devices for mitral and tricuspid valve repair and replacement. Aside from Cardioband[TM], Valtech's portfolio includes a surgical valve repair portfolio and a transcatheter valve replacement, Cardiovalve[TM], in development. Valtech has full in-house development, manufacturing and clinical research capabilities, as well as over 150 patents and patent applications. Valtech is headquartered with R&D facility in Or Yehuda, Israel. For more information visit the Company's website: http://www.valtechcardio.com.
SOURCE Valtech Cardio, Ltd.