CroíValve, an Irish medtech company spun out from Trinity College, has raised €4 million for developing a medical device called Tricuspid Coaptation Valve for the treatment of tricuspid regurgitation (TR), a severe heart condition.
The financing secured by the Irish medtech firm includes €2.5 million from the European Union under its Horizon 2020 SME Instrument grant and €1.5 million from Broadview Ventures and existing investors – HBAN MedTech and Irrus Syndicates, SOS Ventures, and Atlantic Bridge University Fund.
CroíValve will use the funding to fast track the development of Tricuspid Coaptation Valve into human clinical trials.
Tricuspid regurgitation is caused when the tricuspid valve does not properly seal, thereby allowing blood to flow reverse from the right ventricle into the right atrium.
The progressive symptoms of tricuspid regurgitation include fatigue, fluid retention resulting in abdominal and leg swelling, kidney and liver failure and death.
Most of the patients with advanced Tricuspid regurgitation are elderly and too weak for open-heart surgery, which is the only available treatment as of now.
Dr. Maria Berkman of Broadview Ventures said: “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.”
CroíValve’s Tricuspid Coaptation Valve is delivered through a minimally invasive approach after which it closes the gap between native valve leaflets to restore valve function. The Irish medtech company said that the procedure has been demonstrated to be safe, simple and effective in extensive pre-clinical tests.
Dr. Lucy O’Keeffe – CroíValve CEO said: “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.
“We are excited to accelerate our development efforts and look forward to bringing this new solution to patients.”
In late March, the Irish medtech company raised €3.2 million in a seed financing round led by the Halo Business Angel Network (HBAN), MedTech and Irrus Syndicates, apart from Enterprise Ireland, Atlantic Bridge University Fund, SOSV and certain cardiologists. The funding has helped the continued development of the Tricuspid Coaptation Valve.