Corvia Medical announced today that it closed a $55 million funding round to support the advancement of its Corvia atrial shunt.
Existing investors Third Rock Ventures, General Catalyst Partners, AccelMed, Lumira Ventures and two strategic investors provided funds. The Tewksbury, Massachusetts-based company plans to use the funds to complete its ongoing RESPONDER-HF trial.
RESPONDER-HF evaluates the shunt at more than 65 institutions on three continents. The company expects the trial to generate the final supportive clinical data required to garner FDA approval. It hopes to gain the regulatory nod for its shunt as a breakthrough treatment for heart failure. The shunt treats preserved and mildly reduced ejection fraction (HFpEF/HFmrEF).
“We are profoundly grateful for the unwavering support of our longstanding investors as we advance toward FDA submission of the Corvia Atrial Shunt,” said George Fazio, CEO of Corvia Medical. “Their commitment furthers our mission to bring this transformative heart failure treatment to millions of patients worldwide.”
More about the Corvia Medical atrial shunt
Corvia’s atrial shunt is placed via catheter between the left and right atria. It creates a passage through which blood can flow from the high-pressure left atrium to the lower-pressure right atrium. The device aims to reduce HF symptoms and events and improve quality of life.
The shunt has produced mixed clinical results in the past. A Phase III trial saw the device fail to reduce heart failure rates or improve health status in early 2022. However, the company reported positive results from that global, phase III Reduce LAP-HF II study months later. Last fall, the company added more supporting data.
With the funding, it now expects to bring the shunt over the line.
“We firmly believe Corvia has the potential to fundamentally alter the landscape of heart failure treatment, and our investors share that vision. With these resources, we are well-equipped to drive the company through the approval process and introduce this groundbreaking therapy to the market,” said Paul LaViolette, chair of Corvia Medical.
