TriCares said today that it raised nearly $26 million in a Series B round for the tricuspid valve replacement technology it’s developing.
Paris- and Munich-based TriCares said the €22 million ($25.8 million) round was led by new backers Wellington Partners, Andera Partners and BioMed Partners, plus existing investors CM-CIC Innovation, CapDecisif Management and GO Capital.
Proceeds from the round are slated to go toward product development, clinical trials and a bid for CE Mark approval in the European Union, the company said.
“We believe the unique design of our heart valve prostheses will significantly improve quality of life of many patients suffering from severe tricuspid regurgitation,” CEO Helmut Straubinger said in prepared remarks. “This financing is testament to the strength of our technology and to our promise to create a mild, minimally invasive treatment of tricuspid regurgitation through a safe and effective transcatheter valve replacement system.”
“TriCares’ world-class founding medical team and highly qualified development group and management are a great asset in transforming TriCares’ novel approach into an effective product addressing a highly unmet medical need,” added Wellington managing partner Regina Hodits. “TriCares is a perfect match for our investment strategy: high-quality European innovation with the potential to yield significant improvements for patients, practitioners and payors, addressing a potentially vast global market with strong strategic interest.”
($1 = €0.853009)