OR YEHUDA, Israel , November 28, 2016 /PRNewswire/ -- 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 CardiobandTM 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 CardiobandTM system for both mitral and tricuspid valve repair. We believe this will position CardiobandTM 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 CardiobandTM platform."
"None of our success with the CardiobandTM 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 CardiobandTM will have on patient care in the years ahead," said Lawrence Best, Executive Chairman of Valtech.
About Valtech's Products
CardiobandTM Mitral Reconstruction System
CardiobandTM received CE Mark certification in September 2015 after demonstrating safety in a clinical trial among patients with functional mitral regurgitation. CardiobandTM 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.
CardiobandTM 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.
CardiobandTM Tricuspid Reconstruction System
CardiobandTM TR is designed to enable physicians to reconstruct the tricuspid valve using the same technique and implant as the CardiobandTM mitral valve repair technology. The company is recruiting patients for its CE study in Europe.
CardiovalveTM Replacement System
Prior to the closing, Valtech will spin out its early stage CardiovalveTM program, and as part of the agreement, Edwards will retain an option to acquire the CardiovalveTM program at a later date. CardiovalveTM 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 CardiovalveTM 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 CardiobandTM, Valtech's portfolio includes a surgical valve repair portfolio and a transcatheter valve replacement, CardiovalveTM, 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: www.valtechcardio.com.