BETHESDA, Md., Dec. 7, 2017 /PRNewswire/ -- Epidarex
Capital ("Epidarex"), an early-stage, transatlantic life science
venture fund, today announced that its portfolio company, Harpoon
Medical, Inc. ("Harpoon"), a pioneer in beating-heart repair for
degenerative mitral regurgitation (DMR), has been acquired by
Edwards Lifesciences for up to $250
million. Under the terms of the merger agreement, Edwards
paid $100 million in cash for Harpoon
at closing on December 1, 2017 with a
potential for up to an additional $150
million in pre-specified milestone-driven
payments.
Epidarex was among Harpoon's earliest supporters, funding the
development of the company's core technology shortly after it was
spun-out of the University of Maryland,
Baltimore (UMB). Epidarex led the Series A funding. As part
of the subsequent Series B funding, Edwards secured an option to
acquire Harpoon.
"Having been actively involved with Harpoon since its early
days, this is an exciting milestone for the company, for the
University of Maryland Baltimore and
for Epidarex," said Kyp
Sirinakis, Managing Partner, Epidarex. "Harpoon is a
good example of how Epidarex identifies and funds the most
promising early-stage technologies in under-ventured markets.
Harpoon exemplifies the Epidarex strategy of successfully building
highly innovative companies that are addressing large, unmet
medical needs with solutions that provide significant benefits to
patients."
The Harpoon acquisition follows the successful sale of
Confluence Life Sciences, Inc., to Aclaris Therapeutics, Inc.
(NASDAQ: ACRS) in August for a total deal value of up to
$100 million in up-front and
milestone payments, and the completion of the Apellis
Pharmaceuticals, Inc. (NASDAQ: APLS) initial public offering
announced in November of this year. Epidarex was also one of
Apellis' earliest backers, identifying and funding its promising
technology platform.
Harpoon's lead product is an investigational device designed to
facilitate beating-heart minimally invasive echo-guided mitral
valve repair. Pivotal clinical trial results of this
investigational device showed positive safety data and procedural
outcomes, as well as symptom improvement. Patients also had no need
to take blood thinners following the procedure.
"Operating at the nexus of technology innovation and academic
research found in our region, Epidarex clearly understood our needs
and had the experience necessary for a medical technology company
at our stage of development to be successful," said Bill Niland, President and CEO, Harpoon
Medical, Inc. "We had the strong science and technology but needed
the right champion to lead the investor syndicate required to fund
our early human studies. Epidarex provided that leadership."
Universities outside the major life science hubs are often a
source for promising technologies that address unmet medical need,
but lack the early-stage funding that is essential to commercialize
their products. The BioHealth Capital Region is no exception with
innovation hot spots powering science and technology
breakthroughs.
"Harpoon, an exceptional UMB startup company founded on
innovative intellectual property developed by Dr. Gammie and his
team at the University of Maryland School of
Medicine, has wisely taken advantage of the funding
resources available through both UMB and the State of Maryland," said Jay A. Perman, M.D., President, University of Maryland, Baltimore. "Eventually
however, most successful life sciences companies will require
significantly greater capital and additional financing sources to
continue to move towards commercialization, which is why UMB's
Office of Tech Transfer has developed a strong working relationship
with the team at Epidarex."
About Degenerative Mitral Regurgitation
Mitral valve
prolapse is a condition in which the two valve flaps of the mitral
valve do not close smoothly or evenly, but instead bulge (prolapse)
upward into the left atrium causing regurgitation or backflow of
blood from incomplete closure of the valve. Mitral regurgitation
(MR) affects millions of people worldwide. It is the most common
type of heart valve insufficiency in the
United States and the second most common in Europe where prevalence and incidence are
similar to the United States. Approximately four million
people in the United States have
significant mitral valve insufficiency, with an annual incidence of
250,000. Approximately 50,000 patients in the United States undergo surgery each year
for MR.
About Epidarex Capital
Epidarex invests in
early-stage, high-growth life science and health technology
companies in under-ventured markets in the United States and United Kingdom. With offices in Bethesda, Maryland, and in Edinburgh, Scotland, Epidarex builds
successful companies from world-class medical research to achieve
commercial, patient-driven success. The Epidarex international
management team has a track record of successfully partnering with
scientists and entrepreneurs to develop highly innovative products
for the global healthcare market. www.epidarex.com
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SOURCE Epidarex Capital