Friday 9th August 2024
CroíValve CEO Lucy O'Keeffe and Gavin Kenny, the company's R&D director
Dublin-based medtech start-up CroíValve has today announced the closing of $16m in Series B financing.
The new funding round was led by the MedTech & Irrus Syndicates and included participation from all of the company's current investors - Ascentifi, Furthr, Broadview Ventures, Atlantic Bridge University Fund, Enterprise Ireland, Elkstone & SOSV.
It also saw the introduction of a new investor, IAG Capital Partners.
CroíValve, a spinout from the Trinity Centre for Bioengineering, has developed a minimally invasive treatment for a heart condition known as tricuspid regurgitation (TR).
As most of patients with the condition are elderly and too frail for open-heart surgery, the only option available to them is medication to remove the excess fluid caused by TR but that does not cure the condition.
The company's technology specifically addresses the challenges associated with tricuspid heart valve disease.
It said the new investment will be used to fund an Early Feasibility Study, an FDA-approved, prospective, multicentre study to evaluate the safety and performance of the CroíValve DUO System product.
CroíValve also said today that Daniel Gottlieb, a Director with Broadview Ventures, will join its Board of Directors, while as a venture partner with IAG Capital Partners, Ehsan Jabbarzadeh will join the Board as an observer.
"This financing is a testament to the unmet need for treating tricuspid regurgitation and the potential of the DUO System to treat more patients with a reproducible and intuitive procedure," Lucy O'Keeffe, CEO of CroíValve, said.
"We are excited to bring this technology to the US, with strong support from our shareholder base who are committed to our mission to transform the lives of patients suffering from tricuspid regurgitation," she added.
Source: Business Post