Miracor raises $10M in Series B

Vienna, Austria-based Miracor Medical Systems has secured €7 million ($10 million) in the first closing of its Series B financing round. The round was supported by Austria Wirtschaftsservice and Germany's SHS Gesellschaft für Beteiligungsmanagement in addition to existing investors Earlybird and Delta Partners. The second closing is pending approval by other European venture investors and potential new investors.

Miracor is focused on developing and commercializing the PICSOtechnology, which intermittently occludes the outflow of venous blood from the heart muscle. The technology has the potential to restore the function of muscle tissue following heart attacks or heart failure, according to Miracor. The company was founded in May 2008 by Professor Werner Mohl and the European venture capital firms Earlybird and Delta Partners.

Miracor plans on starting the post CE-mark Prepare RAMSES clinical trial this year and will also begin initial sales activities in select hospitals in Europe. It also hopes to begin the randomized, multicenter RAMSES trial next year as it expands its European sales activities.

"We find Miracor an extremely interesting investment opportunity," says Hubertus Leonhardt, partner at SHS, in a statement. "We believe that there is a big unmet clinical need to improve the outcome in acute coronary syndrome patients, and Miracor has convincingly demonstrated that its PICSO technology, patent portfolio, clinical outcomes and future trials will address this unmet clinical need," he adds.

Since its founding, Miracor has secured a total of €14.9 million ($21.3 million) in venture capital and grants to develop the company.

- see the Miracor release