VDYNE Inc., a Maple Grove-based medical device company that's developing a product to treat a heart condition called tricuspid regurgitation, has closed on a $21 million Series C financing round, it announced on Wednesday.
The money came from a group of VDYNE's existing investors, including Jean Boulle Medtech, the company VDYNE was spun out of. The money appears to have come in two tranches in 2020, according to Form D filings.
Related: Read VDYNE's Form Ds here.
Part of the funding also came from a "large, global medical device company," though VDYNE declined to identify that investor. The firm plans to use the money to start its in-human feasibility studies, which are expected to begin in the first half of 2021, Director Jean Raymond Boulle II said in a statement.
Boulle and VDYNE couldn't be reached for comment at press time.
Boulle is a Mauritian diamond magnate who also controls medical device companies through Jean Boulle Medtech. Another Jean Boulle Medtech company, Tendyne Holdings Inc., was acquired by Abbott Laboratories in 2015 for $250 million, plus tens of millions in conditional future payments.
VDYNE's technology replaces the tricuspid valve in the heart, which can fail to properly seal, causing blood to flow backward in a condition known as tricuspid regurgitation. If gone untreated, the condition can lead to an enlarged heart, fatigue and shortness of breath.
In December, VDYNE co-received the Innovation Award at the Innovations in Cardiovascular Intervention World Startup Competition. That award came with a $75,000 cash prize.
VDYNE has now raised about $33 million, according to Crunchbase. It previously raised $6.8 million in 2019.
