Early stage tricuspid valve repair device developer CroíValve has raised approximately $3.6 million (EU €3.2 million) in an oversubscribed seed financing round, according to a report from the Irish Times.
CroíValve is developing a novel percutaneous solution intended to treat tricuspid regurgitation that seals the central gap between the native valve leaflets to prevent regurgitation, according to the company’s website.
The funding round was led by the business angel network HBAN and joined by Atlantic Bridge University Fund, Enterprise Ireland, Seán O’Sullivan’s SOSV and a total of 48 angel investors, according to the report.
CroíValve said it plans to use funds raised in the round to support continued development of the device.
“We welcome the investors’ support in accelerating our development efforts and look forward to working together to bring this exciting technology to patients. In doing so we are currently building our team, particularly in the area of R&D, and by year-end 2019 we will have grown to a company of 10,” founder Dr. Lucy O’Keeffe said, according to the Irish Times.
In connection with the funding round, former Boston Scientific exec and HBAN syndicate member Dr. Bernard Collins was named as board chair, according to the report.