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Miracor Medical raises € 25m to develop PiCSO impulse system

Published 08 January 2018

Miracor Medical Systems (Miracor Austria) and Miracor Medical have closed €25m as part of a series D financing round.

The new capital will be used to further develop and commercialize the PiCSO impulse system. The round was led by Ming Capital (Shenzhen, China) and co-led by a strategic investor.

Participating in this financing round were the new Belgian and Walloon public investors SFPI, SRIW and Meusinvest, as well as the existing investors Earlybird Venture Capital, Delta Partners, SHS Gesellschaft für Beteiligungsmanagement, Biomed Invest and Peppermint Venture Partners.

The financing includes equity and debt, as well as non-dilutive cash advance granted by Wallonia’s Government.

“Miracor Medical has shown that the PiCSO Impulse System may reduce infarct size and improve cardiac function. We are impressed with the company’s performance and the latest clinical data on the PiCSO Impulse System, which show statistically significant better results for PiCSO-treated patients in a propensity score matched control,” said Jack (Bing) Yang, Managing Partner at Ming Capital.

 “PiCSO has global potential and we look forward to supporting and partnering with Miracor Medical to improve the outcomes of patients following acute infarcts and bring the PiCSO Impulse System to the next stage of clinical development.”

“I am very excited by the prospects for the company. The funds will allow us to run a randomized clinical trial in Europe, work with FDA to get approval for a large US trial and bring the PiCSO therapy to the market in Europe.

“I wish to thank all the investors for their trust, especially the Austrian (aws Gründerfonds) and Belgian public investors that allow for this important financing and step towards getting the PiCSO therapy accessible to patients”, says Olivier Delporte, CEO of Miracor Medical.

Miracor Medical’s PiCSO therapy is provided during the stenting procedure of patients enduring acute myocardial infarct (AMI) and intermittently increases pressure in the coronary venous system, which leads to an improved microcirculatory flow and improved perfusion of the infarcted area.

This leads to a smaller residual infarct size after AMI compared to non PiCSO treated patients. New interim clinical data was also presented at TCT 2017, a global interventional cardiology conference held in early November in Denver, Colorado. Decreased residual infarct size after AMI has shown to be directly correlated to reduced mortality and hospitalizations for heart failure.*

To fulfill a condition of this financing, Miracor Austria has merged with Miracor Medical, and the company is relocating to Belgium to ensure the next phase of its growth and development. By providing a supportive political and financial environment, Belgium has attracted many new medical devices and biotech companies in the last decade.

There is now a cluster of companies creating a favorable network and dynamic with a large talent pool, which together foster entrepreneurship and development of new innovative therapies.

Miracor Medical, currently in the process of relocating from Vienna, Austria, to Awans, Belgium, provides innovative solutions for the treatment of severe cardiac diseases, aiming to improve short and long-term clinical outcomes and reduce associated cost.



Source: Company Press Release