– FRANCE, Clichy – CorWave, developing an implantable heart pump (Left Ventricular Assist Device, LVAD) based on breakthrough technology, the wave membrane pump, today announced that the company has raised €35m from returning investors, Bpifrance, Novo Holdings, Seventure, Sofinnova Partners and Ysios Capital, and three new investors, EIC Fund, Financière Arbevel, and M&L Healthcare.
“CorWave has built an international team of excellence that has achieved critical R&D milestones. The company is now in a very good position to seize a multi-billion-dollar market opportunity. On behalf of the existing investors, I am very excited to continue to support CorWave in this new phase of growth,” said Board Chairman, Gérard Hascoët who is a Venture Partner at Sofinnova Partners.
CorWave is the first investment of the $4.4 billion EIC Fund, financed by the European Commission and one of the largest VC funds in Europe.
These new funds will enable CorWave to finalize the development of its initial product, expand a manufacturing infrastructure, complete regulatory testing required to conduct human implants, and start its human clinical trials.
“This $40 million round gives us the means to achieve our ambitions. We are already at work to build our manufacturing and clinical teams. This is the result of the perseverance of the ‘CorWavers’ who are working tirelessly to change the lives of heart failure patients. They have developed the most advanced circulatory support system in the world. I would also like to acknowledge the work of Zina Hamoumi, our CFO, who has been instrumental in this transaction. We are very pleased with the renewed support of leading healthcare funds and the arrival of new shareholders, including EIC Fund, which is making its first equity investment,” added CEO, Louis de Lillers.
Dr. Nader Moazami, MD, Chief of the Division of Heart & Lung Transplantation & Mechanical Circulatory Support at New York University (NYU) Langone Health, commented: “CorWave’s unique technology offers the potential to significantly improve the outcomes achievable with mechanical circulatory support for the treatment of end-stage heart failure.”
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