Procyrion said it raised a $10 million Series B round for its Aortix heart pump, led by the consortium of Fannin Partners, Scientific Health Development and an unnamed strategic investor.
Prior backers and new investors also participated, Houston-based Procyrion said.
The Aortix pump is designed to use a principle called fluid entrainment to help unburden the heart muscle. Unlike other cardiac assist devices that are either implanted or inserted into the heart, the Aortix is designed to be suspended within the aorta.
“The additional commitment and interest from these new investors validates our technology and the need for less invasive options to treat chronic heart failure in ambulatory patients,” CEO Benjamin Hertzog said in prepared remarks. “With this financing, we’re solidly positioned to begin first-in-human trials in 2016 with a clinical pilot study to follow in 2017.”
The Series B round means Scientific Health Development CEO Carter Meyer will join Procyrion’s board, the company said.
“Procyrion’s unique technology is supported by an impressive team that has moved this technology a significant distance toward the clinic. We’re excited to support their growth and vision to transform the treatment of heart failure,” Meyer added.