A prosthetic tissue valve, comprising: a continuous conical shaped sheet member characterized in that it is comprising an extracellular matrix composition, said ECM composition comprising acellular ECM from a mammalian tissue source, said sheet member further comprising an open proximal end, a closed distal end, and a valve annulus engagement region disposed on said sheet member proximal end, said valve annulus engagement region being configured to engage a valve annulus of a mammalian heart and receive fluid flow therein, said sheet member further comprising a plurality of slit regions that are disposed between and spaced from said open proximal annulus engagement end and closed distal end of said sheet member, whereby said plurality of slit regions do not extend to said closed distal end, said sheet member being configured to expand during positive fluid flow through said sheet member and contract during negative fluid flow through said sheet member, said plurality of slit regions being configured to open during said expansion of said sheet member, wherein said positive fluid flow is allowed to be transmitted through said plurality of slit regions, and close during said contraction of said sheet member, wherein said negative fluid flow through said sheet member is restricted, said sheet member, when disposed proximate damaged cardiovascular tissue, being further configured to remodel, when said valve annulus region is engaged to said valve annulus, said engagement of said valve annulus engagement region to said valve annulus serves as a point of constraint that directs said remodeling of said sheet member, said sheet member, when disposed proximate damaged cardiovascular tissue, being further configured to induce host tissue proliferation, remodeling of damaged cardiovascular tissue and regeneration of new cardiovascular tissue and tissue structures with site-specific structural and functional properties, when said sheet member is disposed proximate said damaged tissue. a continuous conical shaped sheet member characterized in that it is comprising an extracellular matrix composition, said ECM composition comprising acellular ECM from a mammalian tissue source, said sheet member further comprising an open proximal end, a closed distal end, and a valve annulus engagement region disposed on said sheet member proximal end, said valve annulus engagement region being configured to engage a valve annulus of a mammalian heart and receive fluid flow therein, said sheet member further comprising a plurality of slit regions that are disposed between and spaced from said open proximal annulus engagement end and closed distal end of said sheet member, whereby said plurality of slit regions do not extend to said closed distal end, said sheet member being configured to expand during positive fluid flow through said sheet member and contract during negative fluid flow through said sheet member, said plurality of slit regions being configured to open during said expansion of said sheet member, wherein said positive fluid flow is allowed to be transmitted through said plurality of slit regions, and close during said contraction of said sheet member, wherein said negative fluid flow through said sheet member is restricted, said sheet member, when disposed proximate damaged cardiovascular tissue, being further configured to remodel, when said valve annulus region is engaged to said valve annulus, said engagement of said valve annulus engagement region to said valve annulus serves as a point of constraint that directs said remodeling of said sheet member, said sheet member, when disposed proximate damaged cardiovascular tissue, being further configured to induce host tissue proliferation, remodeling of damaged cardiovascular tissue and regeneration of new cardiovascular tissue and tissue structures with site-specific structural and functional properties, when said sheet member is disposed proximate said damaged tissue.