Portfolio - Medical Devices
An open and shut case for a lifesaving investment
Apica has developed an implantable ‘open and close’ device enabling the safe, standardised delivery of therapeutic devices into the beating heart. This will be used initially to facilitate the replacement of aortic valves and could also be used for the delivery of mitral heart valves as well as ventricular assist devices (VADs).
Background: Structural heart disease is rising and often requires the replacement of heart valves or the introduction of VADs to sustain heart function. Historically, this has involved major open-chest surgery and stopping the heart – particularly traumatic for elderly, frail patients.
Our Involvement: Apica originated from Seroba’s interactions with Emory University and the Georgia Institute of Technology (GIT). To take dvantage of Ireland’s strong medtech knowledge and manufacturing base, we worked with the founder, GIT, Emory University and Triventures to establish the company’s base in Galway and lead the Series A financing. We sat on the Board and actively engaged with management to help shape the company’s direction.
Market Need: With more than 2.5 million people in the USA and Europe affected by aortic valve disease, the market for transapical access and closure devices is estimated to reach $400m+ by 2016, with similar projections for mitral valve therapy and the rapidly expanding VAD market.
Status: Apica Cardiovascular was acquired by Thoratec Corporation for $75m in July 2014.