InterValve Inc. said on Wednesday it received an undisclosed investment from local group Twin Cities Angels II.
The funding moves the Minnetonka-based medical device firm closer to its goal of raising $7.5 million in its latest investment round, said CEO Mark Ungs.
InterValve is developing a medical device that will help treat patients with aortic stenosis, a condition when the heart's aortic valve does not fully open. Patients with aortic stenosis can undergo surgery to input a new valve or choose a less invasive, more expensive procedure recently approved by the U.S. Food and Drug Administration, where a new valve is snaked through a patient's groin area to their heart.
InterValve is working on a special balloon that would be used for the less-invasive procedure. InterValve's device is shaped differently from competing products, reducing the chance of complications, Ungs said.
"We're thrilled to receive their investment which will enable us to advance to human evaluation," Ungs said.
Twin Cities Angels II is a local group of angel investors that typically considers making investments from $50,000 to $1 million, according to its website.
