Miracor Medical has raised $30 million. Securing the series D round positions Miracor to advance its device to improve heart function in patients following acute myocardial infarction toward approvals on both sides of the Atlantic.
The device, the PiCSO Impulse System, is designed to improve perfusion at the microvascular level in patients who have suffered heart attacks. Impaired perfusion at that level is one reason why primary percutaneous coronary intervention is unable to prevent some patients dying in the year following an acute myocardial infarction.
Miracor’s PiCSO is designed to boost microvascular perfusion and thereby chip away at the mortality rate. The approach, like others going back decades, accesses deprived myocardium via the coronary venous route. This long-discussed route of attack has never established itself. But Miracor thinks its device can overcome the historic limitations.
Equipped with clinical data to support its case, Miracor has pulled in money to make a push toward the market.
“The funds will allow us to run a randomized clinical trial in Europe, work with FDA to get approval for a large U.S. trial and bring the PiCSO therapy to the market in Europe,” Miracor CEO Olivier Delporte said in a statement.
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Miracor will carry out this work while relocating from Austria to Belgium. The move is a condition of the financing round. SFPI, SRIW and Meusinvest, public investors from Belgium, were among the organizations that backed the series D. Miracor’s new home is Awans, a municipality in the Walloon province where some of the funds are based. Wallonia’s government also provided a grant.
The Belgian public funds were joined in the series D by China’s Ming Capital and an anonymous strategic investor, which co-led the round. Existing investors including Earlybird Venture Capital and Delta Partners also participated in the series D.