BiVACOR® Closes $19 Million Series B and Awarded $3 Million SBIR Grant From the National Institutes of Health
Funds will support preclinical verification studies of its Total Artificial Heart in preparation for first in human early feasibility studies.
Houston, Texas/Brisbane, Australia (May 20, 2021) - BiVACOR®, a preclinical artificial heart device company, today announced the completion of a $19 Million Series B funding round led by Cormorant Asset Management and OneVentures, through the OneVentures Healthcare Fund III. In addition, BiVACOR was awarded a $3 Million Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH). The investments will fund the company’s preclinical verification activities and the addition of key team members to support first in human studies.
BiVACOR is developing the BiVACOR Total Artificial Heart (TAH), designed as the first long-term therapy dedicated for patients with severe biventricular heart failure. The BiVACOR device is an implantable total artificial heart based on rotary blood pump technology. Similar in size to an adult fist, it is small enough to be implanted in many women and some children yet capable of providing enough cardiac output to an adult male undergoing exercise. The design, using magnetic levitation (MAGLEV) technology, the same principle used in high-speed trains, includes left and right vanes positioned on a common rotor to form the only moving part, a magnetically suspended double-sided centrifugal impeller. Even though there are no valves or flexing ventricle chambers, the pulsatile outflow is made possible by rapidly cycling the rotational speed of the impeller. The non-contact suspension provides large blood gaps minimizing blood trauma and eliminating mechanical wear to offer a durable, reliable, and biocompatible heart replacement.
“The commitment and interest from our investors validates our technology and the need for improved options to treat end-stage biventricular heart failure,” said Daniel Timms, Ph.D., BiVACOR founder and chief executive officer. “With this financing, we will be able to expand our world-class team and undertake benchtop and preclinical verification activities so that we can commence our First in Human early feasibility study in the near future.”
The BiVACOR TAH builds on the successful transition of Left Ventricular Assist Device (LVAD) technology from volume displacement to durable rotary blood pumps and aims to be the next generation TAH that sufficiently restores quality of life to patients suffering from severe biventricular heart failure. This therapy may be initially utilized as a short-term device in a patient awaiting a heart transplant or ultimately serve as a long-term alternative to heart transplantation.
“BiVACOR’s one-of-a-kind technology is supported by a remarkable team that has moved this technology a significant distance toward the clinic,” said Dr. Paul Kelly, Managing Partner OneVentures. “We’re excited to support their growth and vision to transform the treatment of biventricular heart failure with the world’s first fully MAGLEV total artificial heart.”
“We are excited to lead this funding round. Under the leadership of its expert management team, the company has developed a robust strategy for growth as they march toward first in human studies,” said Andy Phillips, Ph.D., Managing Director Cormorant Asset Management. “We believe that BiVACOR will continue to execute its strategy to quickly get the Total Artificial Heart into the patients who need it most.”
Research and development of the BiVACOR TAH was supported by the National Heart, Lung, and Blood Institute, part of the National Institutes of Health, under award number R44HL137454. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.
BiVACOR® is a preclinical stage medical device company developing the BiVACOR Total Artificial Heart (TAH), the first long-term therapy for patients with severe heart failure. The TAH is designed to replace the complete function of the native heart and address the global unmet need of patients with end-stage heart failure (HF) by providing a life-extending solution.
Headquartered in Houston, TX, with an engineering office in Cerritos, CA, and an international office in Brisbane, Australia, BiVACOR was founded in 2008 by a team of internationally renowned biomedical engineers and cardiac surgeons. CEO/CTO Daniel Timms, Ph.D., leads the organization along with Chief Medical Officer William Cohn, MD, and is supported by a scientific advisory board comprised of veteran surgeons, inventors, and researchers devoted to developing technologies to fix or replace the human heart.
Today, BiVACOR has a robust collaborative network that extends nationally and internationally and boasts a team of world-class engineers, medical specialists, and business executives fervent to advance this ground-breaking technology.
The company benefits today from 6 patents and patent applications.
About National Institutes of Health SBIR Program
The NIH SBIR program funds early-stage small businesses that are seeking to commercialize innovative biomedical technologies. This competitive program helps small businesses participate in federal research and development, develop life-saving technologies, and create jobs.
About Cormorant Asset Management
Founded in 2013, Cormorant Asset Management, LP (“Cormorant”), is an investment firm focused on innovative biotech, Medtech, and life science companies. Currently, Cormorant manages investments in public and private biopharmaceutical companies totaling over $3 billion.
About OneVentures Healthcare Fund III
OneVentures is one of Australia’s leading venture capital firms, with over $550M in funds under management.
In December 2016, OneVentures launched its $170M Healthcare Fund III, a licensee of the Australian Government’s Biomedical Translation Fund (BTF*). This Fund invests in therapeutics, devices, and diagnostics at or near clinical development with a clear commercial, regulatory, and reimbursement pathway; and well-defined value inflection and exit points on deal entry.
The Fund will invest $10 to $20 million per company in Australian domiciled companies. The OneVentures team will provide support to drive these opportunities through the clinical, regulatory, and reimbursement processes to achieve prominence in global markets. Learn more at www.one-ventures.com.au/funds