TRiCares this week announced it raised $50 million in a Series D financing round to support its tricuspid valve.
The company earmarked the funds to support it through upcoming U.S. and EU clinical milestones for its transfemoral tricuspid heart valve replacement (TTVR) system. Milestones include completing an early feasibility study (EFS) in the U.S., starting a pivotal trial in Europe, and advancing additional valve sizes for its Topaz TTVR system and a next-generation delivery system.
“I’m thrilled that we have secured this significant financing at such an important stage for the business. This financing builds on previous investments from leading European life science venture capital firms, to whom we are grateful for their ongoing support and counsel. We remain focused on improving treatment options for tricuspid regurgitation patients worldwide with our Topaz valve and look forward to providing updates on patient enrollment in the US, alongside our efforts in Europe,” President and CEO Ahmed Elmouelhi said in a news release.
TRiCares recently received an investigational device exemption for an EFS in the U.S. The study is slated to begin in the coming months, when patients will be enrolled at up to eight potential sites in the U.S. and Canada. It will be overseen by leading principal investigators Dr. Susheel Kodali from New York-Presbyterian/Columbia University Irving Medical Center and Dr. Gorav Ailawadi from the University of Michigan Health System.
This fundraising round adds to a previously closed $55 million Series C financing round that had numerous investors, including 415 Capital, Andera Partners, Bayern Kapital, BioMed Partners, Credit Mutuel Innovation, GOCapital, Karista and Wellington Partners.
TRiCares designed Topaz to help patients with severe tricuspid regurgitation without the need for open-heart surgery. It has a unique dual stent design and two valve sizes that fit into a low-profile catheter system. The catheter system is inserted through the femoral vein and transports the prosthesis into the right half of the heart, where it is released to replace a diseased tricuspid valve.
