Medical device firm Xeltis, from Switzerland, has raised €45 million in Series C funding. The lead investor in the round has not been named. Ysios, (LSP, Kurma Partners, VI Partners) and a number of private investors also participated.

According to Xeltis, this is the largest funding round for a European private medical device company in 2017. It develops cardiovascular implants for heart valve therapy that restore heart valve functions.

The new funds will be used for product and market development. It also looking at other applications for its technology, such as treating blood vessels.

“This robust financing provides us with the resources necessary to catapult our strategy forward - supporting quick expansion of our aortic and pulmonary valve programs and strengthening our quest to redefine heart valve replacement therapy,” said Laurent Grandidier, CEO.

The Zurich-based company recently completed a year-long preclinical aortic valve trial with “promising results” that led to fully functional valves in vivo one year after implantation. Earlier this year, the company attained FDA approval in the US and has begun its first feasibility clinical trial in Europe and Asia. The devices have not yet been approved for sale.

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