CroíValve Gains $15M Financing to Support TANDEM II Study

CroíValve has closed a $16 million Series B financing round ed by the MedTech & Irrus Syndicates. The round included participation from current investors Ascentifi, Furthr, Broadview Ventures, Atlantic Bridge University Fund, Enterprise Ireland, Elkstone & SOSV, along with a new investor, IAG Capital Partners.
 
The company said proceeds from the Series B will help fund its TANDEM II early feasibility study. The FDA-approved, prospective, multicenter study will evaluate the DUO system in patients with severe or greater symptomatic tricuspid regurgitation (TR).
 
The DUO transcatheter heart valve works with the native tricuspid valve to restore function, while leaving the right heart and native valve apparatus untouched thanks to an innovative anchoring mechanism. It accommodates differing patient anatomies while avoiding critical right heart structures, which can lead to complications.
 
According to the company, DUO relies less on expert interaprocedural imaging, allowing a short learning curve.
 
“This financing is a testament to the unmet need for treating tricuspid regurgitation and the potential of the DUO System to treat more patients with a reproducible and intuitive procedure. We are excited to bring this technology to the US, with strong support from our shareholder base who are committed to our mission to transform the lives of patients suffering from tricuspid regurgitation,” said Lucy O’Keeffe, CEO of CroíValve.
 
In June, the company also shared favorable outcomes from its TANDEM I trial.