Challenge: Colibri needed capital to pursue claim and focus cash on its business
Cardiologists Dr. David Paniagua and Dr. David Fish founded Colibri Heart Valve in hopes of finding a safer, less invasive treatment for heart disease, and hold patents for artificial heart valve technology (called transcatheter aortic valve implantation, or TAVI) that date back to 2002. Medtronic chose to not partner with Colibri after meeting to learn about its research and patents, but by 2019, Colibri realized Medtronic was selling billions of dollars’ worth of its TAVI products without compensation and needed capital to pursue a patent infringement suit.
Solution: Non-recourse fees & expenses financing to pursue claim
Burford committed several million dollars to fund counsel’s discounted fees and costs for the patent infringement litigation and intellectual property rights. Burford’s investment allowed Colibri to enforce its patent rights and protect its technology and to continue to pursue vital ongoing clinical research and development while the case progressed.
Impact: Financing led to a $106 million award
A jury found Medtronic guilty of infringing Colibri’s TAVI patents and awarded Colibri $106 million in damages.