CroíValve this week announced that it raised €8 million ($9 million) in a Series A fundraising round to support a feasibility clinical study of its tricuspid valve system.
The Dublin-baed company designed its Duo coaptation valve system to treat tricuspid regurgitation (TR), which is a severe heart condition that occurs when the tricuspid valve fails to close properly. The condition results in blood being pumped back into the right atrium and venous system.
CroíValve designed the Duo system with a computation valve implant that works with the native tricuspid valve to restore function. It is delivered percutaneously and is secured using an anchor system that avoids the right heart chamber and native valve apparatus.
Duo is implanted using standard imaging for a broad range of patients. CroíValve said the device’s approach has already “generated convincing pre-clinical and clinical data” and that temporary clinical implants have shown to significantly reduce TR in patients with torrential TR, large annuli and imaging difficulties.
The investment round was led by the Halo Business Angel Network Medtech and Irrus Syndicates, along with existing investors.
The company also announced that Azin Parhizgar was appointed to its board of directors and Helen Scotch joined the executive leadership team as VP of clinical and regulatory affairs.
Parhizgar is currently the chairperson of the board of CVPath Institute and a board member at Soundbite Medical, InnovHeart, Moray Medical, Vessl and Women as One. She previously served as president of embolic protection device company Claret Medical, which was later acquired by Boston Scientific in 2018.
Scotch has held numerous leadership roles in the medical device industry, including at startups TriFlo and Cephea, as well as Boston Scientific.