Versa Vascular has expanded its Series C financing to $42 million and appointed longtime Medtronic structural heart executive Bill Shields as chief executive officer.
The company added $15 million to its Series C, bringing total committed capital in the round to $42 million. The financing will support completion of Versa’s ongoing first-in-human clinical study outside the U.S. for its AdapTR transcatheter tricuspid repair device, a U.S. Early Feasibility Study, and additional product development and optimization.
Shields succeeds David Hovda, who is retiring as CEO but will continue working with Versa as an advisor.
Shields spent the past 15 years with Medtronic’s structural heart franchise, most recently serving as vice president and general manager of its Transcatheter Mitral and Tricuspid Therapies division. He spent seven years leading product development and multiple clinical studies and previously led marketing for Medtronic’s transcatheter valve programs.
Earlier in his career, Shields worked as a senior engineer at Stryker, where he developed orthopedic devices. He holds a mechanical engineering degree from Dartmouth College and an MBA from Northwestern University’s Kellogg School of Management.
Versa is developing minimally invasive technology for severe tricuspid regurgitation. Its system combines an implant designed to support native leaflet function with a delivery platform that provides repositioning capability, implant control and atrial device positioning intended to simplify intraprocedural imaging.
KEY QUOTES:
“I am thrilled to join Versa Vascular at a time when we are seeing positive results clinically, close to expanding our clinical work to the U.S., and receiving continued investor confidence. I have seen and launched a number of innovative transcatheter devices in my career, and the AdapTR technology shows similar promise to create a superior therapy for patients.”
Bill Shields, Chief Executive Officer of Versa Vascular
“We strongly believe in Versa’s vision to improve the lives of patients with tricuspid disease, and we are proud to continue supporting the company as it executes on its clinical milestones.”
Brian R. Smith, Founder and Managing Director of S3 Ventures
“Bill’s deep structural heart expertise, experience developing new transcatheter therapies, scaling up operations, and strong industry connections align closely with BioStar’s mission to improve patients’ lives.”
Louis A. Cannon, M.D., Founder of BioStar Capital
