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Versa Vascular has expanded its Series C financing by $15 million, bringing total committed capital for the round to $42 million. The Santa Cruz-based company develops a transcatheter tricuspid repair device called AdapTR, and the new funding will support an ongoing first-in-human study outside the U.S., a planned U.S. Early Feasibility Study, and continued product development.
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The raise comes alongside a leadership change. Bill Shields is stepping in as CEO, succeeding David Hovda, who is retiring but staying on as an advisor. Shields spent 15 years at Medtronic's structural heart franchise, most recently running the Transcatheter Mitral and Tricuspid Therapies division, and earlier worked as an engineer at Stryker developing orthopedic devices.
Tricuspid disease has trailed mitral and aortic valve therapies in transcatheter innovation, partly because the anatomy is harder to work with and partly because device makers built out mitral programs first. Versa's approach, an implant paired with a repositionable delivery system, is aimed at patients who can't tolerate open-heart surgery, a group that includes a meaningful share of the more than 7 million Americans living with heart valve disease.
Shields, who joins after helping launch multiple transcatheter devices at Medtronic, called the AdapTR technology's early results promising for creating what he described as "a superior therapy for patients."
