TRiCares, a Paris-based devicemaker, reeled in $25.4 million in series B money it plans to use to develop and support clinical trials for its device designed for minimally invasive treatment of tricuspid regurgitation.
The company, which was founded in 2013, is hoping to gain a CE mark for the European market for the device.
Leading the financing round was Wellington Partners, Andera Partners and BioMed Partners. Also joining were CM-CIC Innovation, CapDecisif Management and GO Capital.
Tricuspid regurgitation results in blood backflows into the right side of the heart. Outside of surgery, the condition is typically managed with diuretic medication. It often results in recurring complications and frequent rehospitalizations as well as leading to end-stage dialysis—that makes the condition quite costly to healthcare systems focused on reducing readmissions.
“We believe the unique design of our heart valve prostheses will significantly improve quality of life of many patients suffering from severe tricuspid regurgitation,” Helmut J. Straubinger, TRiCares CEO, said in a statement. “This financing is testament to the strength of our technology and to our promise to create a mild, minimally invasive treatment of tricuspid regurgitation through a safe and effective transcatheter valve replacement system.”
Other players in the transcatheter mitral valve repair arena include Medtronic, Edwards Lifesciences, Abbott Laboratories and 4Tech.