CroíValve, a company that specializes in innovative heart valve technology, recently secured $16 million in Series B funding. This funding will primarily support the TANDEM II early feasibility study, which aims to evaluate the safety and performance of the DUO system, a transcatheter device designed to treat tricuspid regurgitation (TR).
Tricuspid regurgitation is a serious heart condition that occurs when the tricuspid valve in the right side of the heart does not close properly. This condition affects over 1.6 million people in the US and is associated with significant morbidity and reduced life expectancy.
The financing round was led by MedTech & Irrus Syndicates and included contributions from existing investors like Ascentifi, Atlantic Bridge University Fund, Broadview Ventures, Elkstone, Enterprise Ireland, Furthr, and SOSV. Additionally, new investor IAG Capital Partners also participated in the round.
As a result of this funding, Daniel Gottlieb from Broadview Ventures, an experienced professional in the medical device sector, has joined the CroíValve board of directors. Ehsan Jabbarzadeh from IAG Capital Partners will serve as a board observer.
The Series B funding comes after the successful European first-in-human study called TANDEM I, which demonstrated significant improvements in patients treated with the DUO System. More than 89% of patients experienced a notable improvement in the Kansas City Cardiomyopathy Questionnaire, and all patients achieved a New York Heart Association classification of I or II after treatment.
The DUO system is designed to work in tandem with the native tricuspid valve to restore its function without impacting the right heart and native valve apparatus. This innovative anchoring mechanism aims to cater to a wide patient population while minimizing complications by avoiding contact with critical structures in the right heart.
CEO of CroíValve, Lucy O’Keeffe, expressed her enthusiasm about the financing, highlighting the unmet need for effective TR treatment and the potential of the DUO system to help more patients through a reproducible and intuitive procedure. The company is looking forward to introducing this technology in the US with strong support from its committed shareholder base.
This funding represents a significant step forward in the development of innovative heart valve technology that could potentially transform the lives of patients suffering from tricuspid regurgitation. CroíValve’s dedication to addressing critical heart conditions through advanced medical devices underscores their commitment to improving patient outcomes and quality of life.