BAAR, Switzerland - Tuesday, 10. September 2024
The
Series B funding enables both an International Pivotal trial to
diagnose MVO and a randomized controlled trial to evaluate therapeutic
treatments for MVO through the CoFI system
(BUSINESS WIRE) --
CorFlow Therapeutics AG (CorFlow) announced today that it has raised
€44 million in Series B funding, co-led by Broadview Ventures and
Panakes Partners with strong continued support from 415 Capital,
CorFlow's initial VC investor and largest shareholder. Merieux Equity
Partners, Laerdal Million Lives Fund, Wellington Partners, M&L
Investments, Unorthodox Ventures, KOFA Healthcare and Monte Carlo
Capital participated in the multinational syndicate.
Concurrent
with the financing, David Prim of Broadview Ventures, Barbara Castellano
of Panakes Partners, Yoann Bonnamour of Merieux Equity Partners, and
Rhiya Pau of Laerdal Million Lives Fund have joined the CorFlow Board of
Directors.
The Series B will fund the MOCA II (MVO with CoFITM
System Assessment II) pivotal study intended to gain US market
clearance. The trial will run in the US and Europe and aims to validate
CorFlow’s CoFl system to diagnose MVO in heart attack patients
immediately following stent implantation. Additionally, it will fund an
adaptive platform therapy study evaluating treatment effects of
therapeutic agents delivered locally through the CoFl system on heart
attack patients diagnosed with MVO.
MVO affects more than half of
all patients who suffer an acute heart attack and is an independent
predictor for heart failure and mortality. Currently not routinely
diagnosed MVO remains largely untreated, leading to poor patient
outcomes, and contributing to high health care costs associated with
cardiovascular disease.
CorFlow’s CoFl system is being developed
to provide timely, accurate and consistent detection of MVO while
patients are still in the catheter laboratory (cath lab) immediately
following the reopening of the larger epicardial arteries with a stent.
Uniquely, the technology has been designed to also enable localized
delivery of therapeutics to the microvasculature upon MVO diagnosis.
CoFl also seamlessly integrates into standard workflows utilizing
existing guide catheter and wire access.
"We are thrilled to have
closed on this significant round of financing, backed by a top-tier
global syndicate of medical technology investors," commented Paul Mead,
President and Chief Executive Officer of CorFlow. "Recent data from over
70 patients in our MOCA I first in human trial and from our extensive
preclinical program support our collective confidence that we can
improve outcomes in patients who suffer heart attacks, specifically
those patients whose microvascular disease goes undiagnosed and
untreated today. There is overwhelming evidence now that microvascular
conditions are a significant root cause of adverse outcomes in heart
attack patients and other cardiovascular conditions. I am grateful that
our new investors have the vision to see 'where the puck is going' in
this rapidly emerging field."
The MOCA II IDE trial is designed
to confirm the CoFl system’s accuracy in diagnosing MVO in high-risk
heart attack patients. Led by Principal Investigator Dr. Tim Henry of
The Christ Hospital in Cincinnati, Ohio, the trial will recruit several
hundred patients undergoing stent implantation due to ST-Elevation
Myocardial Infarction (STEMI) and will compare CoFl's proprietary
dynamic diagnostic measurement of MVO to post-procedure Contrast
Enhanced Cardiac Magnetic Resonance Imaging (CMRI), the current gold
standard for detecting MVO. The MOCA II trial leverages the learnings
from the company’s First-In-Human MOCA I trial conducted in Switzerland,
Latvia and the UK.
"There is increasing awareness of the impact
of MVO on patient outcomes following coronary revascularization. CorFlow
has the potential to be the next significant breakthrough in treating
coronary artery disease, and Broadview is delighted to be supporting
this impressive team and technology,” states David Prim of Broadview
Ventures.
"CorFlow's breakthrough technology has been designed by
clinicians for clinicians and we are excited to support CorFlow's
mission to generate robust clinical data in order to get this much
needed therapy to the patient as quickly as possible." adds Barbara
Castellano of Panakes Partners. "We also are committed to supporting the
emerging field of microvascular disease in general, and this
oversubscribed funding round gives us options to apply the technology in
new ways, and in new geographies, where patients can benefit.”
The
funding will also support a novel adaptive platform therapy trial in
Europe evaluating whether localized delivery of therapeutics to the
microvasculature immediately following stent implantation can improve
outcomes in patients diagnosed with MVO. Led by Dr. Giovanni Luigi De
Maria (Oxford University Hospitals Trust, UK) and Professor Colin Berry
(University of Glasgow and NHS Golden Jubilee National Hospital, UK),
this European RCT will assess the effects of several therapeutic agents
with both clinical and imaging measures up to six months.
"The
improvement in outcomes for heart attack patients has stagnated over
many years now and we believe that real-time diagnosis and targeted
therapy for MVO has the potential to save the lives of countless
patients in the future." Comments Frederik Groenewegen of 415 Capital.
"We have long been believers in the CorFlow technology and team, and
with the support of this first-class investor syndicate we now have the
opportunity to collect the clinical data required to establish a new
standard of heart attack care."
About CorFlow Therapeutics:
Headquartered in Baar, Switzerland, with offices in Italy, and founded
in 2016 by Dr. Rob Schwartz, Dr. Martin Rothman and Jon Hoem. CorFlow
aspires to be the leader in diagnostic and therapeutic solutions for
restoring healthy microvascular blood flow anywhere in the human body
where a critical need exists. Working in close partnership with
scientists from the University of Bern, ETH Zurich and the University
Hospital Zurich, in a collaboration funded by the Swiss Innovation
Agency (Innosuisse), CorFlow continues to explore applications in and
beyond the heart.
About Microvascular Obstruction (MVO): Often
described as the "last frontier" in the treatment of acute heart
attacks, MVO is characterized by blockages in the microvascular coronary
arteries, which vary in size down to the circumference of a human hair.
Previous research has identified that MVO is one of the most powerful
prognostic indicators for future adverse outcomes - for every 1%
increase in MVO, there’s a corresponding 14% increase in one-year
mortality risk and 8% increase in hospitalization due to heart failure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240910783655/en/
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Contacts
Media and Scientific Contact
CorFlow Therapeutics AG
hello@corflow.ch
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Wednesday, September 11, 2024
CorFlow Therapeutics AG Completes €44 Million Series B Financing to Support the Advancement of a Novel Diagnostic and Drug Delivery Platform for Microvascular Obstruction (MVO) in Heart Attack Patients
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