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Middle Peak Medical Raises an Additional $3M to Develop Novel Mitral Valve Technology

Mon, 10/28/2013 - 5:00am
PR Newswire

Middle Peak Medical, a development-stage medical device company that will commercialize a novel technology for treating mitral valve disease, has raised an additional $3M in a second closing of its over-subscribed Series A financing, which now totals approximately $11M. Additional Series A investors include BioMedInvest II LP and Edwards LifeSciences (NYSE: EW). Lead investors Wellington Partners and Seventure Partners, added to their investment from the first close, which also included High-Tech Gruenderfonds.

The proceeds will provide capital for further development of Middle Peak's unique technology for treating mitral valve disease. Middle Peak has R&D operations in Palo Alto, and its clinical and regulatory operations in Europe.

Michael D. Lesh, MD, CEO and co-founder of the Company, commented: "We are delighted to have Biomed Partners and Edwards LifeSciences as additional investors. Their involvement further affirms our novel approach to treating mitral valve disease. These additional resources will further accelerate pre-clinical and clinical development. Middle Peak intends to bring significant benefit to patients with mitral regurgitation, the most common valvular heart disease."

BioMedPartners' Thomas Moeller commented: "We are very excited to have the opportunity to invest in Middle Peak. This is breakthrough technology. We see great potential of their devices to revolutionize the care of patients with mitral regurgitation."

Wellington Partners' Regina Hodits, PhD added: "We are delighted to have BioMedPartners and Edwards LifeSciences join the Series A syndicate of investors, and for Wellington to add to our initial investment. Middle Peak's strong management team, including Dr. Lesh and his co-founder, Alex Khairkhahan, are making significant progress in developing this truly novel, elegant device."

Seventure venture partner Robert Schier, PhD noted that: "Middle Peak has a breakthrough technology that addresses a vast unmet need in the treatment of cardiac disease. We have every confidence in Dr. Lesh and Mr. Khairkhahan, who have previously brought a number of medical devices from conception to successful market entry, and are thrilled to add such well-regarded investors to our syndicate, and to expand our lead investment."

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