Miracor Medical Raises €24M in Funding
Miracor Medical SA, an Awans, Belgium-based provider of innovative solutions for the treatment of severe cardiac diseases, closed a €24M Series E round of financing.
The round was led by a new corporate strategic investor joined by co-investor Yonghua. Current investors Earlybird, Noshaq, Quest for Growth, SFPI-FPIM, SRIW and another corporate strategic investor also supported this financing.
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.
PiCSO therapy is delivered by interventional cardiologists during the primary PCI (Percutaneous Coronary Intervention) procedure in patients experiencing anterior ST-elevated myocardial infarction (STEMI). The PiCSO Impulse System reduces the infarct size via its mechanism of action of intermittently occluding the coronary sinus outflow, which redistributes blood to deprived myocardium and potentially leads to improved microvascular function. The PiCSO Impulse System has received ‘Breakthrough Designation’ from the FDA in 2019 and the CE-Mark in June 2020.
Led by Olivier Delporte, CEO, Miracor has developed the PiCSO Impulse System, a 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.
The company 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 its 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.
