CorWave announced today that it raised $40 million from a mix of returning and new investors for its wave membrane heart pump.
Clichy, France-based CorWave received funding — from three new investors joining its returning investors — which is earmarked for its implantable left ventricular assist device (LVAD) which uses its breakthrough wave membrane pump technology, according to a news release.
The funding collected in the round is slated to help the company finalize the development of its initial product, expand its manufacturing infrastructure, complete the regulatory processes required to conduct human implants and start its human clinical trials.
Existing shareholders Bpifrance, Novo Holdings, Seventure, Sofinnova Partners and Ysios Capital all significantly increased their stake in the company as part of the financing, too.
“This $40 million round gives us the means to achieve our ambitions,” CorWave CEO Louis de Lillers said in the release. “We are already at work to build our manufacturing and clinical teams. This is the result of the perseverance of the ‘CorWavers’ who are working tirelessly to change the lives of heart failure patients. They have developed the most advanced circulatory support system in the world. I would also like to acknowledge the work of Zina Hamoumi, our CFO, who has been instrumental in this transaction.
“We are very pleased with the renewed support of leading healthcare funds and the arrival of new shareholders, including EIC Fund, which is making its first equity investment.”