CroíValve said today that it secured more than $4 million in additional financing as it develops a treatment for tricuspid regurgitation.
The funding, which amounts to more than $4.4 million (€4 million) includes more than $2.7 million (€2.5 million) from the European Union under its Horizon 2020 SME Instrument grant. The remaining $1.7 million (€1.5 million) came from Broadview Ventures and current investors HBAN MedTech and Irrus Syndicates, Atlantic Bridge University Fund and SOS Ventures.
The Ireland-based company will use the funding to accelerate the development of its technology into first-in-human studies, with clinical trials on the horizon, according to a news release. The money will be added to the $3.6 million (€3.2 million) CroíValve raised in March, which was also earmarked for development of the company’s valve repair technology.
Tricuspid regurgitation occurs when the tricuspid valve doesn’t seal properly and allows blood to flow retrograde from the right ventricle into the right atrium. CroíValve’s tricuspid coaptation valve is designed to, through a minimally invasive approach, seal the gap between native valve leaflets to restore valve function in patients with TR.
“We welcome this funding as further validation of our solution following a very detailed assessment by Broadview Ventures and their scientific advisory board, as well as a team of EU experts through the highly competitive Horizon 2020 SME Instrument grant,” CroíValve CEO Lucy O’Keeffe said in the release. “We are excited to accelerate our development efforts and look forward to bringing this new solution to patients.”
“Tricuspid regurgitation remains an under-treated condition, despite advances in valve repair and replacement for the left side of the heart,” added Dr. Maria Berkman of Broadview Ventures. “We believe CroíValve has come up with a differentiated approach to solving TR — one that accommodates the unique anatomy and hemodynamics of the tricuspid valve. We look forward to working with the CroíValve team to bring this solution into the clinic.”
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