Heart failure company BioVentrix files for IPO
BioVentrix, a Massachusetts-based medtech company focused on developing new heart failure therapies, is hoping to go public.
The company filed the necessary paperwork with the U.S. Securities and Exchange Commission (SEC) on Feb. 12, officially proposing an initial public offering (IPO). BioVentrix estimates that its market values in the United States and globally are $10 billion and $16 billion, respectively.
BioVentrix is primarily known for its Revivent technology, a new treatment designed to help cardiothoracic surgeons with the treatment of heart failure patients with reduced ejection fraction and extensive scarring of the left ventricle (LV). The device, implanted during a minimally invasive procedure, uses tiny micro-anchor implants to reconstruct the LV. The Revivent System has not yet secured U.S. Food and Drug Administration (FDA) approval, but it did receive the agency’s breakthrough device designation in 2019. In addition, it gained CE mark approval in 2016.
If BioVentrix does launch its IPO, it indicated to the SEC it aims to be traded on the Nasdaq under the symbol BVXX.
Research explores Revivent’s potential
A 2023 analysis published in the Journal of Clinical Medicine focused on the Revivent System’s potential in a small group of patients presenting with heart failure with reduced ejection fraction.[1]
“This novel methodology gives us the ability to not only more accurately quantify LV function globally, but also to provide information on regional LV structure and function,” Rishi Puri, MD, PhD, an interventional cardiologist with Cleveland Clinic and the study’s senior author, said in a statement at the time. “Our data demonstrates that the Revivent TC procedure not only globally reduces LV volume, but also improves the regional function of the non-infarcted myocardium, thereby reversing the adverse remodeling which occurs in these patients.”
The randomized RELIVE trial, meanwhile, is currently underway.
Michael has more than 19 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.