The funding will initiate clinical trials of the company's technology that can treat heart conditions without major surgery.
Dublin based medtech start-up CroíValve (croí is Irish for heart) has secured €4m in additional funding.
The spin-out from Trinity College Dublin, which is recognised as a high potential start-up (HPSU), has developed 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 SOS Ventures).
The funding will accelerate the development of the company’s novel technology into First in Human studies.
What is Tricuspid regurgitation?
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 solution
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.
"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," said Dr. Lucy O’Keeffe, CroíValve’s CEO. "We are excited to accelerate our development efforts and look forward to bringing this new solution to patients."
Dr. Maria Berkman of Broadview Ventures added: "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."
Source: Written based on press release
