CorWave has rasied €35 million to fund the next stages of its development. The capital increase is subscribed by returning investors joined by the EIC Fund, the European Commission’s venture capital mega-fund, which makes its first investment.
CorWave is developing a left ventricular assist device (LVAD) based on a breakthrough technology, the wave membrane pump. These new funds will enable CorWave to finalise the development of its product, build the manufacturing infrastructure as well as complete regulatory testing required to conduct human implants, and start its clinical trials.
Bpifrance, Novo Holdings, Seventure, Sofinnova Partners and Ysios Capital, existing shareholders of CorWave and leading investors in life sciences, significantly increased their stake in the company.
“CorWave has built an international team of excellence that has achieved critical R&D milestones. The company is now in a very good position to seize a multi-billion-euro market opportunity. On behalf of the existing investors, I am very excited to continue to support CorWave in this new phase of growth.” says Gérard Hascoët, chairman of the Board of Directors of CorWave and Venture Partner at Sofinnova Partners.
“This €35 million round gives us the means to achieve our ambitions. We are already at work to build our manufacturing and clinical teams. This is the result of the perseverance of the CorWavers who are working tirelessly to change the lives of heart failure patients. They have developed the most advanced circulatory support system in the world. I would also like to acknowledge the work of Zina Hamoumi, our CFO, who has been instrumental in this transaction. We are very pleased with the renewed support of leading healthcare funds and the arrival of new shareholders, including the EIC Fund. With the investment in CorWave, the European Commission becomes a shareholder for the first time. It is a great honour to participate in this historic event”, added Louis de Lillers, CEO of CorWave.
Professor Pascal Leprince, Head of the Cardiac Surgery Department, Pitié-Salpêtrière Hospital, Paris, France, concluded: “As a centre that is very involved in the treatment of heart failure, we are delighted with this announcement. CorWave is moving forward at a steady pace to deliver a product which will soon be available in the clinic and which should mark a turning point in the history of circulatory support.”