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8 December 2017

Edwards hooks Harpoon in $250m deal

Medical device maker Edwards Lifesciences has acquired cardiovascular device developer and University of Maryland, Baltimore spinout Harpoon Medical.

Author: Callum Cyrus, reporter

Harpoon Medical, an investigative cardiovascular device maker spun out from University of Maryland, Baltimore (UMB), was bought by medical tools manufacturer Edwards Lifesciences for up to $250m yesterday. 

The deal provides an exit to UMB's tech transfer office UM Ventures as well as venture capital firm Epidarex Capital. Edward Lifesciences has paid $100m upfront and could provide another $150m for Harpoon at predetermined milestones.

Spun off from UMB's School of Medicine in 2013, Harpoon has built a surgical tool to repair the heart's mitral valve without the need for a cardiopulmonary pump to take over the organ's functions temporarily.

Harpoon had reportedly raised $17.5m as of October 2016. Edwards gained an option to buy after providing an undisclosed amount of series B funding for the company in December 2015 recorded by deals database Pitchbook as $13m. 

Epidarex led Harpoon’s $3.6m series A round in 2014, for which UM Ventures contributed $100,000. The round included Maryland Venture Fund, a fund managed by state-backed tech transfer office Maryland Technology Development Corporation, as well as nonprofit organisation Abell Foundation and undisclosed angel investors.

Harpoon reportedly secured $2m in bridge financing in September 2015 which included $1.4m in convertible note financing from unnamed backers. It received $200,000 in convertible debt from VC fund Maryland Innovation Initiative, a partnership of five research universities, in 2014.

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