Restore Medical, a medtech firm specializing in coronary heart failure therapies, introduced the closing of a $23 million Sequence B funding spherical.
Pitango HealthTech co-led the spherical with the European Innovation Council (EIC) Fund with participation from present traders, together with Peregrine Ventures.
WHAT IT DOES
Restore Medical treats coronary heart failure with transcatheter therapies designed to revive hemodynamic stability and enhance scientific outcomes.
The corporate’s flagship product, ContraBand, is a reversible remedy for the remedy of left ventricular (LV) failure. The catheter-delivered implant is meant to leverage the suitable ventricle to supply help to the LV, enhancing LV ejection fraction and restoring ventricular geometry.
The corporate will make the most of the funds to finalize a European feasibility examine for ContraBand and provoke a U.S.-based scientific examine.
“We’re proud to have the help of such a robust and numerous group of companions, together with two international strategic traders, the European Innovation Council Fund and main VCs reminiscent of Peregrine Ventures and Pitango HealthTech,” Gilad Marom, CEO of Restore Medical, mentioned in a press release.
“Their confidence in our imaginative and prescient, crew and expertise is a strong endorsement. With encouraging scientific knowledge and FDA Breakthrough System designation, we’re properly positioned to advance this expertise towards making a significant affect for sufferers worldwide.”
MARKET SNAPSHOT
Restore Medical acquired Breakthrough System Designation from the FDA final yr for its ContraBand machine.
This designation was particularly for the remedy of coronary heart failure in sufferers with lowered ejection fraction who stay symptomatic regardless of maximally tolerated guideline-directed medical remedy and who haven’t any important pulmonary hypertension or proper coronary heart failure.
In 2023, Restore Medical accomplished enrollment in its scientific examine with its ContraBand machine.
The feasibility, multi-center, potential examine enrolled 15 sufferers who had been already on maximally-tolerated guideline-directed medical remedy throughout 5 hospitals in Europe.
In 2022, Restore Medical was awarded a $2.9 million (€2.5 million) grant and topic to a future milestone, an fairness funding of $11.6 million (€10 million).
The funds had been used to assist Restore Medical improve its scientific improvement of ContraBand and additional examine the remedy’s security and efficacy.
Different corporations within the transcatheter house embrace Evident Vascular, which in March introduced the profitable closing of its Sequence B financing.
The funding was used to speed up the event of the corporate’s superior IVUS expertise designed to reinforce vascular imaging and affected person outcomes and help 510(okay) FDA clearance forward of U.S. market launch.
The California-based firm developed AI-enabled transcatheter intravascular ultrasound expertise that captures pictures inside a affected person’s blood vessels to judge vascular illness and improve picture interpretation.
Evident Vascular launched in 2023 after receiving a $35 million Sequence A financing spherical.
In 2023, Append Medical, developer of a non-invasive implant for transcatheter left atrial appendage exclusion raised $4.35 million as a part of an prolonged Sequence A spherical.
The corporate develops the Appligator, a tool designed to scale back stroke threat in AF sufferers by excluding the LAA to forestall blood clot leakage with a minimally invasive transseptal intervention, leaving no metallic implant behind.
In 2021, Append Medical accomplished a $7.4 million (€6.2 million) Sequence A financing spherical.
