croivalve-funding-round

Tricuspid regurgitation (TR) is a severe heart condition that occurs when the tricuspid valve fails to seal properly, allowing blood to flow retrograde from the right ventricle into the right atrium, with progressive symptoms including fatigue, fluid retention leading to abdominal and leg swelling, liver and kidney failure, and eventually death. The vast majority of patients with advanced TR are elderly and too frail for open-heart surgery, the only currently available treatment. This condition affects over half-a-million people every year in the US and EU alone, for whom there is currently no suitable solution.

Dublin-based CroíValve’s technology – a tricuspid coaptation valve – uses a minimally-invasive approach to seal the gap between native valve leaflets, thereby restoring valve function. The procedure has been proven to be safe, simple and effective in extensive pre-clinical testing.

CroíValve has today announced that it has secured €4 million in additional financing. The financing includes €2.5 million through the Horizon 2020 SME Instrument grant and €1.5 million from Broadview Ventures and current investors (HBAN MedTech and Irrus Syndicates, Atlantic Bridge University Fund, and SOS Ventures). The funding will accelerate the development of the company’s technology.

Broadview Ventures’ mission is to accelerate the development of promising technology for the diagnosis and treatment of cardiovascular, metabolic, and neurovascular disease. Broadview is based in Boston, MA, with a global investment footprint. They have been actively investing since 2009, with 40 portfolio companies funded to date, and notable exits including CardiAQ, Apama Medical, and Remedy Pharmaceuticals.

“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,” said Dr. Lucy O’Keeffe, CroíValve’s CEO. “We are excited to accelerate our development efforts and look forward to bringing this new solution to patients.”

“Tricuspid regurgitation remains an undertreated condition, despite advances in valve repair and replacement for the left side of the heart,” said Dr. Maria Berkman of Broadview Ventures. “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.”