Closely-held CorWave has completed a $17.1-million Series B financing with existing shareholders, including Sofinnova Partners, Bpifrance and Seventure, and two new investors: Novo Seeds, which led the round, and Ysios Capital.
CorWave has developed a disruptive pumping technology that mimics the native heart flow pattern and could overcome limitations of rotary pump left ventricular assist devices (LVAD) for patients who have reached end-stage heart failure. The company was incorporated by MD Start, a European medtech incubator, in 2011 and raised a Series A financing in 2013.
“Since day one, we saw an unparalleled match between this unique technology invented in France and the unmet needs in the heart failure space,” Gérard Hascoët, chairman, said in a statement. “Medtech expertise, engineering and funding was required to bridge the gap.”
Louis de Lillers, CEO of CorWave, said the company’s R&D team led by Carl Botterbusch, an LVAD veteran, has done a fantastic job at de-risking CorWave’s technology.
“Clinicians and scientists in the field as well as our engineers are gathering increasing evidence indicating that our technology has the potential to improve dramatically the clinical outcomes of LVADs,” he added.
Mr. de Lillers pointed out that with this funding in place, CorWave now has the resources to prepare its pump for a first-in-man study and “bring this paradigm-shifting technology into the hands of clinicians.”