Heart valve replacement device maker ValveXchange, a Cleveland Clinic spinoff, has received a $3.5 million equity investment from CryoLife.
The investment seems to have been a long time coming for Colorado-based ValveXchange, which was established in 2001 and deemed to be at the “pre-series A” stage on Cleveland Clinic Innovations’ (CCI) website. CCI is the Clinic’s commercialization office.
In addition to the $3.5 million in equity, CryoLife will make $2 million in debt available to ValveXchange, according to a statement from the companies.
AdvertisementBased solely on the equity investment, ValveXchange’s valuation would be somewhere around $18 million. CryoLife gets a 19% stake in ValveXchange, plus the right of first refusal to acquire the heart valve company during a period that extends through the completion of unspecified initial commercialization milestones. CryoLife also gets the right to negotiate with ValveXchange for European distribution rights, according to the statement.
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