Panakes et al. in €20m series-B for InnovHeart

Indaco Venture Partners and CDP Venture Capital also took part in the round, alongside previous backer Genextra.

Following the deal, Panakes partner Barbara Castellano will join InnovHeart's board of directors.

Panakes is investing via its first fund, which held a final close on €100m in January 2018 and targets biotech and pharmaceutical companies.

InnovHeart plans to use the financing to complete the first-in-human clinical trial of its Saturn TMVR system and finalise the development of its trans-septal delivery system.

Previous funding
Genextra, an Italian investment company that specialises in early-stage rounds across the life sciences sector, backed InnovHeart in 2015.

Company
Founded in 2015, InnovHeart develops transcatheter mitral valve replacement (TMVR) systems for the treatment of severe mitral regurgitation.

The company is headquartered in Milan, with an additional office in Boston, Massachusetts.

People
InnovHeart – Giovanni Righini (founder); Keith Dawkins (chair).
Panakes Partners – Barbara Castellano (partner).
Genextra – Federica Draghi (investment director).

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• Topics
• Early-stage
• Southern Europe
• Healthcare
• Venture
• Italy