CroíValve Announces Expansion of Series B Financing with $27 Million Additional Capital to Fund DUO Adapt in an Enlarged TANDEM II Study
DUBLIN–(BUSINESS WIRE)–CroíValve, a pioneering medical device company focused on the development of a novel transcatheter device for the treatment of tricuspid regurgitation, announced today the closing of $20 million Series B expansion financing, along with $7 million European Innovation Council (EIC) and DTIF grant financing. Bringing the total for Series B to $36 million, and $43M including grant financing. The financing includes new investors BGF and EIC, along with participation from current investors including the MedTech Syndicate. CroíValve welcomes Tim Rea, Co-Head of Early Stage investments at BGF, to its Board of Directors.
Proceeds from the financing will be used to fund an expanded TANDEM II Study, a US and EU based prospective, multicenter study to evaluate the safety and performance of the DUOTM Adapt System in patients with severe or greater symptomatic tricuspid regurgitation (TR). This study is being expanded beyond the 15 patients already treated, to include additional US and EU sites.
