– BELGIUM, Awans – Miracor Medical SA today announced the closing of a 24M€ Series E financing round led by a new corporate strategic investor joined by co-investor Yonghua alongside current investors Earlybird, Noshaq, Quest for Growth, SFPI-FPIM, SRIW and another corporate strategic investor also supported this financing.
“We are very happy to welcome strong new investors and to receive the continued endorsement and belief in Miracor from our existing shareholders. Following the recent CE Mark, we have hired a very experienced commercial leader, James Hallums who will build the strategy to prepare the controlled commercial launch planned for H2 2021. We look forward to this exciting next phase of the company.” said Olivier Delporte, CEO.
The funds will be used to advance the PiCSO clinical study program, which will recruit and randomize up to 750 patients in three studies in Europe and the USA. Additionally, commercialization will start in Europe.
Interventional cardiologists deliver PiCSO therapy during the primary PCI procedure in patients experiencing anterior ST-elevated myocardial infarction. Despite all improvements and widespread use of reperfusion strategies and adjuvant pharmacological therapies, the one-year mortality rate for STEMI has plateaued at 14% and heart failure occurs in up to 28% of patients within the first 90 days. The PiCSO Impulse System reduces the infarct size via its unique mechanism of action of intermittently occluding the coronary sinus outflow, which redistributes blood to deprived myocardium and potentially leads to improved microvascular function. Infarct size reduction is strongly correlated to improvement in heart failure hospitalizations and reduced mortality. The PiCSO Impulse System has received ‘Breakthrough Designation’ from the FDA in 2019 and the CE-Mark in June 2020.
Miracor is currently recruiting patients in a landmark European randomized controlled trial, PiCSO-AMI-I, to further demonstrate the benefits of PiCSO therapy as compared with conventional PCI for the treatment of anterior STEMI patients.
The development of Miracor’s PiCSO technology is supported by a reimbursable cash advance from the Walloon Region since August 2017. This financial grant covers 55% of the technical and clinical research for the product.
About Miracor Medical
Miracor Medical, located in Awans, Belgium, provides innovative solutions for the treatment of severe cardiac diseases, aiming to improve short and long-term clinical outcomes and reduce associated costs.
Miracor Medical has developed the PiCSO Impulse System, the first and only coronary sinus intervention designed to reduce infarct size, improve cardiac function by clearing microcirculation and potentially reduce the onset of heart failure following acute myocardial infarction.
For more information: https://miracormedical.com/
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