Miracor Medical Systems, developer of the PICSO technology used to improve outcomes in acute coronary syndrome patients, has secured €7M/US$10M in the first closing of the Series B financing round to start enrolment into the RAMSES trials, European reimbursement and to reinforce sales activities.
Second closing is pending approval by other European venture investors and potential new investors. The financing round was supported by Austria Wirtschaftsservice (aws) and German venture capital investor SHS Gesellschaft für Beteiligungsmanagement as well as the existing investors Earlybird and Delta Partners.
“We find Miracor an extremely interesting investment opportunity,” said Hubertus Leonhardt, partner at SHS. “We believe that there is a big unmet clinical need to improve the outcome in acute coronary syndrome patients, and Miracor has convincingly demonstrated that its PICSO technology, patent portfolio, clinical outcomes and future trials will address this unmet clinical need,” added Leonhardt.
With the funding, Miracor will initiate the post CE mark “Prepare RAMSES” clinical trial and will also start initial sales activities in select hospitals in Europe. The company also plans to initiate the randomised multicentre RAMSES trial in 2012 at the same time as it will expand its European sales activities.
“We are very pleased that we now can focus on the clinical trials to document the positive effects of our technology,” said Jon H Hoem, Miracor’s CEO. “With the strong investor syndicate backing Miracor we have a unique opportunity to bring our product offering to the patients who need additional care after a heart attack. We also look forward to continue the work with our key opinion leaders and clinical investigators to document the potential of PICSO in this setting,” added Hoem.
About the PICSO technology
Miracor’s Pressure-controlled intermittent coronary sinus occlusion (PICSO) impulse system offers a new and innovative approach to reduce myocardial injury and to revitalise ischaemic myocardium thereby providing a cardioprotective effect called cardioprotected PCI (cPCITM). Initial clinical results show positive effects on MACE, restenosis rates, and long-term event-free survival. The PICSO system consists of the Miracor PICSO Impulse Console and the disposable, single-use Miracor PICSO Impulse Catheter.
The Miracor PICSO system is CE marked and can be used during coronary revascularisation procedures following myocardial infarction and other types of acute coronary syndromes to intermittently increase the pressure in the coronary venous system. The technology is currently for investigational use only in the United States.