CroíValve Secures €4M in Additional Funding to Initiate Clinical Trials
HBAN investors have contributed towards €4 million in additional financing that has been secured by
CroíValve, a high potential start-up (HPSU) supported by Enterprise Ireland developing a treatment for tricuspid regurgitation (TR). This is an issue affecting over half-a-million people every year in the US and EU alone, for which there is currently no suitable solution. The financing includes €2.5 million from the European Union under their Horizon 2020 SME Instrument grant and €1.5 million from Broadview Ventures and current investors (HBAN MedTech and Irrus Syndicates, Atlantic Bridge University Fund and SOSV Ventures). The funding will accelerate the development of the company’s novel technology into First in Human studies.
Tricuspid regurgitation (TR) is a severe heart condition that occurs when the tricuspid valve fails to seal properly, allowing blood to flow retrograde from the right ventricle into the right atrium, with progressive symptoms including fatigue, fluid retention leading to abdominal and leg swelling, liver and kidney failure and death. The vast majority of patients with advanced TR are elderly and too frail for open-heart surgery, the only currently available treatment. CroíValve’s technology – a Tricuspid Coaptation Valve – is delivered using a minimally invasive approach and seals the gap between native valve leaflets, thereby restoring valve function. The procedure has been proven safe, simple and effective in extensive pre-clinical testing completed.
Broadview Ventures’ mission is to accelerate the development of promising technology for the diagnosis and treatment of cardiovascular, metabolic, and neurovascular disease. Broadview is based in Boston, MA, with a global investment footprint. They have been actively investing since 2009, with 40 portfolio companies funded to date, and notable exits including CardiAQ, Apama Medical, and Remedy Pharmaceuticals.
Dr. Lucy O’Keeffe, CroíValve’s CEO, said: “We welcome this funding as further validation of our solution following a very detailed assessment by Broadview Ventures and their Scientific Advisory Board, as well as a team of EU experts through the highly competitive Horizon 2020 SME Instrument grant. We are excited to accelerate our development efforts and look forward to bringing this new solution to patients”
“Tricuspid regurgitation remains an undertreated condition, despite advances in valve repair and replacement for the left side of the heart. We believe CroíValve has come up with a differentiated approach to solving TR – one that accommodates the unique anatomy and hemodynamics of the tricuspid valve. We look forward to working with the CroíValve team to bring this solution into the clinic” said Dr. Maria Berkman of Broadview Ventures.