Miracor Medical Systems and Miracor Medical have announced the closing of € 25m as part of a Series D financing round. The new capital will be used to further develop and commercialise the PiCSO impulse system. The round was led by Ming Capital (Shenzhen, China) and co-led by a strategic investor.
Participating in this financing round were the new Belgian and Walloon public investors SFPI, SRIW and Meusinvest, as well as the existing investors Earlybird Venture Capital, Delta Partners, SHS Gesellschaft für Beteiligungsmanagement, Biomed Invest and Peppermint Venture Partners. The financing includes equity and debt, as well as non-dilutive cash advance granted by Wallonia’s Government.
Jack (Bing) Yang, managing partner at Ming Capital, comments: “Miracor Medical has shown that the PiCSO impulse system may reduce infarct size and improve cardiac function. We are impressed with the company’s performance and the latest clinical data on the PiCSO impulse system, which show statistically significant better results for PiCSO-treated patients in a propensity score matched control. PiCSO has global potential and we look forward to supporting and partnering with Miracor Medical to improve the outcomes of patients following acute infarcts and bring the PiCSO Impulse System to the next stage of clinical development.”
To fulfill a condition of this financing, Miracor Austria has merged with Miracor Medical, and the company is relocating to Belgium to ensure the next phase of its growth and development. By providing a supportive political and financial environment, Belgium has attracted many new medical devices and biotech companies in the last decade. There is now a cluster of companies creating a favourable network and dynamic with a large talent pool, which together foster entrepreneurship and development of new innovative therapies.
A press release reports that PiCSO therapy is designed to be used during percutaneous coronary intervention (PCI) in patients with acute myocardial infarction. The aim of the system is to intermittently increase pressure in the coronary venous system, the goal of which is to improve microcirculatory flow and improve perfusion of the infarcted area. According to the press release, this leads to a smaller residual infarct size after acute myocardial infarction compared to non-PiCSO treated patients.