Peppermint Venture Partners invests in Miracor Medical Systems Series C
Miracor Medical Systems GmbH (Miracor) have announced that it has raised additional funding as part of its Series-C financing round. The recent closing was led by Peppermint VenturePartners (Peppermint), who invested via the Peppermint CBF-1 fund (Berlin, Germany) with existing investors also participating, bringing the total amount raised in Series-C to € 7 Million. The company seeks to complete Series-C with a further € 8 Million.
“Miracor has reached important milestones in recent months and we are impressed with the company’s performance and the latest clinical data on the PiCSO Impulse System, which show statistically significant reductions in infarct size and improvements in cardiac function after acute myocardial infarction (heart attack, AMI) compared to control patients,” said Magnus Holm, PhD, Venture Partner at Peppermint. “With AMI being the single biggest contributor to the growing incidence of heart failure, its effective treatment remains a huge clinical need, despite recent developments in percutaneous coronary interventions. Miracor is targeting this important clinical and economic need by improving the outcomes of patients following AMI. We are delighted to be involved with this exciting company and look forward to now supporting Miracor in its activities.”
Miracor’s PiCSOAMI Impulse System aims to improve outcome of patients with acute myocardial infarction by improving myocardial perfusion during percutaneous coronary intervention (PCI). PiCSO therapy is provided during the stenting procedure and intermittently increases pressure in the coronary venous system which leads to an improved microcirculatory flow and improved perfusion of the infarcted area, ultimately leading to a smaller residual infarct size after AMI compared to non PiCSO treated patients. Decreased residual infarct size after AMI has shown to be directly correlated to reduced mortality and hospitalizations for heart failure.
“This additional investment enables us to accelerate our plans to start first clinical activities in the US. We are proud to have Peppermint join our existing investors and look forward to a fruitful cooperation,” commented Werner Braun, PhD, Chairman of the Board of Miracor. “With the most recent appointment of Olivier Delporte as new CEO of Miracor and his long-standing track record of successful management in the medical device field, the company is extremely well positioned to deliver on our ambitious clinical and commercial objectives,” he continued. “Reducing infarct size is the remaining challenge in the treatment of AMI and Miracor has generated outstanding data with the PiCSO Impulse System in ongoing studies. I’m very excited to join Miracor at this time and we all look forward to presenting these important data at the upcoming TCT congress in Washington in October,” says Olivier Delporte, new CEO of Miracor.
Miracor Medical Systems GmbH is an Austrian medical device company developing disruptive solutions to treat severe heart diseases; striving to bring back cardiac patients to normal life. The company was founded in May 2008 by Professor Dr. Dr. Werner Mohl and the European venture capital firms Earlybird and Delta Partners. Miracor develops and commercializes the PiCSO (Pressure-controlled Intermittent Coronary Sinus Occlusion) Impulse System, a technology platform designed to improve clinical outcome of patients with impaired cardiac function. PiCSOAMI Therapy seeks to increase blood flow to the affected heart tissue, thereby improving the overall heart function after an Acute Myocardial Infarction (AMI). Recent Pre-Clinical and Clinical Studies have successfully demonstrated the positive effects of PiCSO on myocardial function and infarct size in acute heart attack patients. The PiCSOAMI Impulse System consists of a driving console and associated catheters and offers the Heart Team new options to improve clinical outcome in Acute Myocardial Infarction patients.
Source: Miracor Press Release