CryoLife makes equity investment in ValveXchange

CryoLife has made an equity investment in ValveXchange, a developer of heart valve technology that it believes holds significant promise.

The company is investing $3.5 million (2.2 million pounds) to receive a 19 percent initial equity ownership stake in the firm, a spinoff of Cleveland Clinic that is working on a lifetime heart valve replacement technology platform featuring exchangeable bioprosthetic leaflets.

Named the Vitality Exchangeable Heart Valve System, the device is a two-part platform that combines the safety and longevity of surgical bioprosthetic valves with the ability to provide minimally invasive access.

Under the terms of the arrangement, CryoLife will have the right of first refusal to acquire ValveExchange and will also be able to negotiate for European distribution rights to its products.

Steven Anderson, chairman, president and chief executive officer of CryoLife, said: "This investment is well in line with our strategy to focus on innovative products that could further leverage our direct sales force and their relationships with cardiac surgeons."

Earlier this year, the company completed the acquisition of Cardiogenesis, a specialist in transmyocardial revascularisation.