CroíValve, an Irish medtech company that has developed a minimally invasive device to treat defective heart valves, has raised €8 million in funding.
The company, which was spun-out of Trinity College Dublin in early 2019, is to use the investment to fund a feasibility study for its device, which offers a safe and effective treatment for tricuspid regurgitation.
This is a common heart condition that occurs when valves do not close properly. It causes blood to leak backwards, something that can affect how the heart functions.
Tricuspid regurgitation affects more than 550,000 people every year in the US and the European Union. However, only a small fraction of these usually elderly patients receive surgical treatment, as they are deemed too frail. CroíValve says its solution treats the condition quickly and cost effectively with no need for a long hospital stay.
“We’ve done a number of temporary clinical implants with our device which have proven it is effective as treatment for a broad range of patients. Now we are looking to fund an initial trial that will focus on permanent implants,” said Dr Lucy O’Keeffe, chief executive of CroíValve.
“Commercialisation is still a number of years away for us but our objective right now is to complete feasibility studies in Europe and the US and then start thinking of approval,” she added.
CroíValve has previously raised €10 million through a mix of equity financing and Horizon 2020 grants. Ms O’Keeffe said the company would be looking at a “significant” raise next year to fund more technical work.
Two syndicates linked to the business angel network Hban led the latest fundraise with other long-term backers including Atlantic Bridge University Fund, Enterprise Ireland, Broadview Ventures, and Seán O'Sullivan's SOSV, also participating. New investors include Elkstone, Ascentifi and DBIC.
In addition to the fundraise, Dr Azin Parhizgar, a leading medical device entrepreneur, is joining CroíValve's board, while Helen Scotch has been appointed vice-president of clinical and regulatory affairs.