Circulatory support device developer CorWave said today it raised $17.1 million in a Series B round of financing to support its novel left ventricular assist device.
The round was led by new investor Novo Seeds, joined by existing shareholders Sofinnova Partners, Bpifrance and Seventure and joined by new investor Ysios Capital.
CorWave said it has developed a left ventricular assist device which uses “disruptive pumping technology” that mimics natural heart flow patterns that it claims can overcome the “limitations of rotary pump LVADs.”
“Since day one we saw an unparalleled match between this unique technology invented in France and the unmet needs in the heart failure space. Medtech expertise, engineering and funding was required to bridge the gap,” chair Gérard Hascoët said in a prepared statement.
“Our R&D team led by Carl Botterbusch, an LVAD veteran, has done a fantastic job at de-risking CorWave’s technology. Clinicians and scientists in the field as well as our engineers are gathering increasing evidence indicating that our technology has the potential to improve dramatically the clinical outcomes of LVADs. With this funding in place, we now have the resources to prepare our pump for the first-in-man study and bring this paradigm-shifting technology into the hands of clinicians,” CEO Louis de Lillers said in a press release.
As part of the funding round, Novo Seeds’ Emmanuelle Cotanceau and Ysios’ Josep Sanfeliu will join the company’s board of directors. Michel Darnaud will also join as an independent director, the company said.
“Our due diligences showed that CorWave is perfectly aligned with the expectations of cardiac surgeons and cardiologists alike. We are pleased to join CorWave in its effort to turn this vision into reality,” Coutanceau said in a prepared release.
“The LVAD market has attracted medtech giants in past 18 months with the acquisition of Thoratec by St-Jude for $3.4 billion and HeartWare by Medtronic for $1.1 billion. It is to be one of the hottest sectors in medtech. With the potential to topple rotary pumps’ hegemony, CorWave has everything to become the next European medtech success story,” Sanfeliu said in prepared remarks.
“We are excited to continue backing CorWave’s talented management team and are convinced that CorWave could be the next big thing in LVAD and, more broadly, chronic heart failure treatment,” Soffinnova Partners’ Antoine Papiernik said in a prepared statement.
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