AGA Medical (Golden Valley, Minnesota), Ample Medical (Foster City, California) and Aberdare Ventures (San Francisco) have signed an investment and joint development agreement.

AGA said it has committed to additional investment through joint development programs for the clinical development and commercialization of Ample’s PS3 System, a percutaneous technology used to treat mitral valve regurgitation associated with congestive heart failure (CHF). As part of the agreement, AGA will make an investment in return for equity in Ample, with the potential for more investments based on milestone accomplishments.

Aberdare, the majority shareholder in Ample, has also agreed to increase its investment in Ample.

Terms of the agreements were not disclosed. Elie Jacobs, an AGA spokesman, told Medical Device Daily that the investment amounts will not be made public because both AGA and Ample are private companies. He added: “Both companies are looking at it as a good opportunity.”

Ample’s PS3 system is an investigational device for the treatment of mitral valve regurgitation (MR) associated with CHF. The device is introduced through a catheter and, when fully deployed, the system is designed to reshape the mitral valve.

An AGA occlusion device is a key component of the system, which, Jacobs said, is one reason AGA saw the combination, and the related investment, as such a good opportunity.

MR is a condition in which the mitral valve does not close tightly and allows blood to flow backward in the heart.

“We are excited about the opportunity to invest in Ample Medical and collaborate with them on the development of the PS3 system,” said Franck Gougeon, president/CEO of AGA. “The system not only incorporates AGA technology but addresses a large potential market where no good therapeutic solution currently exists. We are impressed with the Ample team and believe our teams complement one another and that we will be able to effectively accelerate the development of a commercial version of the system. If we are successful, this system will further expand our acknowledged leadership position in the transcatheter repair of structural heart defects.”

As part of the agreement Gougeon will join Ample’s board of directors.

Robert Chang, president/CEO of Ample, agreed that the investment and development partnership with AGA will accelerate the development of its PS3 system.

“We look forward to collaborating with their experienced team to quickly advance our innovative technology and provide a therapeutic option to the many patients suffering from this debilitating condition,” Chang said.

Paul Klingenstein, managing partner of Aberdare, also spoke highly of the partnership.

AGA “share[s] our commitment to the development of the PS3 System, and bring[s] an enormous amount of commercial experience and technical sophistication in interventional cardiac devices. Aberdare welcomes them aboard.”

AGA makes interventional devices to treat structural heart defects. The company has developed a series of devices for the treatment of the most common congenital “holes in the heart,” such as atrial septal and patent foramen ovale defects.

Ample makes endovascular medical devices for repairing heart valves. The PS3 is the company’s first product.

Aberdare reports overseeing more than $270 million of committed capital dedicated to investments in healthcare technology companies.