Symetis raises CHF 12 Million to take development of heart valve program to next stage

14-Oct-2004

Zurich. Symetis AG, a privately held company with several advanced programs targeting cardiovascular tissue engineering, announced today that it raised CHF 12 million (9.6 million dollars) in a series A financing round led by Truffle Venture (Paris) and Aravis Venture (Zurich). Also participating to the financing were Novartis Venture Fund (Basel), BiomedInvest (Zurich), as well as the original seed investors GAIA Capital (Köln).

Symetis was founded in January 2001 as a spin-off from the University of Zurich by world-renowned Professors Simon Hoerstrup and Gregor Zϋnd to commercially develop tissue engineered cardiovascular implants. Using the patient's own cells, Symetis can produce within weeks a biological valve using its proprietary technology.

In-vivo studies have demonstrated normal mechanical and biological behaviour of the implanted Symetis valve over time including size adaptation to the surrounding tissues. The first targeted clinical application will be the treatment of congenital pulmonary valve malformation in children, a major medical need. It is estimated that yearly about 3'500 children with such pathology have to undergo implantation of an artificial mechanical valve; a solution that is temporary due to the growth of the patient, requiring thus several open-heart surgical replacement, each change associated with an increased risk profile and significant cost.

Hoerstrup and Zϋnd believe that the Symetis technology will be a cost-effective, patient-friendly, natural, and permanent alternative to mechanical valve. This financing is expected to support further preclinical development of the first valve product and initial clinical trials. Associated with the investment, Symetis appointed a new Board of Directors to bring in senior management with entrepreneurial and scientific expertise to take the company's programs to the next stage. Dr. Jacques R. Essinger, former President and CEO of IsoTis S.A, was appointed Executive Chairman.

Simon Hoerstrup and Gregor Zünd stated: "This successful financing round with a group of outstanding investment firms will enable the company to bring the programs into a clinical research setting. The presence of experienced management to guide the commercialization of the Symetis technology will accelerate the development of a technology that addresses a true unmet medical need."

Philippe Pouletty, MD (Truffle Venture) and Jean-Philippe Tripet (Aravis Venture) who joined the Board of Directors said: "Symetis' technology is a breakthrough in the field of Tissue Engineering. For the first time scientists can provide surgeons with a functional tissue that has life-saving potential. The addition of entrepreneurial and business experience to its strong scientific expertise will help Symetis make its valve technology a clinical and commercial reality.

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