Coramaze Technologies said it raised a $5 million (€4.5 million) Series A round for the transcatheter mitral valve implant it’s developing.
The round was led by a $3.9 million (€3.5 million) contribution from Israel’s Elron Electronic Industries (TASE:ELRN), which said it now owns 28% of Munich-based Coramaze. Existing backers High-Tech Gründerfonds and SeedCapital Dortmund also participated with a pool of private investors, Coramaze said.
The company said its Mitramaze device is designed to treat of inoperable severe functional mitral regurgitation patients. Proceeds from the round are earmarked for a 1st-in-human trial next year, followed by a planned feasibility trial ahead of a bid for CE Mark approval in the European Union.
“Coramaze stands out in the highly competitive TMVI environment with a device design that allows not only a minimally invasive, but truly transfemoral implantation and atraumatic anchoring,” co-founder & CEO Laura Figulla said in prepared remarks. “Our novel Mitramaze concept offers fundamental improvements over current concepts and has the potential to overcome present treatment limitations. Based on our promising pre-clinical data, and backed by this new investment, we are now in an excellent position to initiate clinical development, starting in Europe and further expanding to the U.S.”
“We are delighted to announce our investment in Coramaze’s pioneering implant design, as Mitramaze holds the potential to truly improve the standard of care in the field of transcatheter mitral valve repair. We expect that this market will develop into a multi-billion dollar opportunity. Coramaze is our 1st investment in Europe and we are looking forward to supporting the company’s approach with our expertise and strong network,” added Elron CEO Ari Bronshtein.