Recognised as a high potential start-up (HPSU) and supported by Enterprise Ireland, CroíValve has received €2.5m in financing from the European Union under its Horizon 2020 SME Instrument grant.
It also received a further €1.5m from Broadview Ventures and existing investors, including HBAN MedTech and Irrus Syndicates, Atlantic Bridge University Fund and SOS Ventures.
The firm will use the funding to accelerate the development of its technology into first-in-human studies.
The medtech company, which is a spin-out from Trinity College Dublin, was founded by Dr Lucy O’Keeffe, Dr Martin Quinn, Dr Paul Heneghan and Prof Bruce Murphy to develop a percutaneous solution for tricuspid regurgitation.
In simpler terms, the start-up is developing a solution to fix the tricuspid heart valve without the need for surgery.
O’Keeffe, who is CEO of CroíValve, previously explained to Siliconrepublic.com: “Heart failure causes the tricuspid valve to stop functioning correctly. As these patients are elderly and sick, they are too frail for surgery so currently have no treatment option. This means they have very poor quality of life and three of five will die within three years.”
To solve this issue, the firm has developed the Tricuspid Coaptation Valve, which can be delivered using a minimally invasive approach, sealing the gap between native valve leaflets and restoring valve function.
In extensive pre-clinical testing, the procedure has been proven safe, simple and effective.
Speaking about the fresh funding, O’Keeffe 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.”
Dr Maria Berkman of Boston-based Broadview Ventures added: “Tricuspid regurgitation (TR) 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.”
Prior to securing its latest funding, CroíValve had raised €3.2m in a funding round involving a record number of angel investors.
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