Edwards Lifesciences looks to mitral repair with Harpoon Medical stake

Edwards Lifesciences (NYSE:EW) took out a stake with an exclusive option to buy in Harpoon Medical potentially adding a mitral repair device to the mitral valve replacement being developed by recent acquisition CardiAQ Valve Technologies.

Irvine, Calif.-based Edwards did not reveal the size of its stake in Harpoon when it released new guidance earlier this week.

Harpoon, based in Baltimore, is developing a device designed to reduce the amount of time required for mitral valve surgery from 3 to 6 hours down to 60 minutes. The company recently launched a feasibility trial aimed at winning CE Mark approval in the European Union. The company said it received a $1.4 million investment of convertible debt as part of a $2 million bridge expected to close before the end of the month. Last September, Harpoon Medical raised $3.8 million in a Series A funding round in support of its mitral repair devices.

Edwards paid $400 million in August to acquire CardiAQ Valve and its transcatheter mitral valve replacement. The company said sales for its bread-and-butter transcatheter aortic valve replacement business are expected to grow 10% to 18% to $1.2 billion to $1.4 billion next year.

Adjusted earnings per share are pegged at $2.30 to $2.40 on total underlying sales growth of 7% to 11% to between $2.5 billion and $2.75 billion, Edwards said.

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