Xeltis has announced the closing of an additional €12.5 million in funding from the European Innovation Council (EIC) Fund, set up by the European Commission. Today’s extension from EIC and the closure of the Series D2 financing round announced in February 2023, brings the total amount raised to €44.5 million.
The additional funding will support the continued clinical development of Xeltis’ “transformative implants”, says a press release. In April 2023, Xeltis shared “highly-encouraging” six-month data from its first-in-human (FIH) aXess vascular graft trial. An ongoing pivotal trial for aXess is enrolling patients across Europe. Moreover, the EIC Accelerator funding will be used to advance Xeltis’ coronary artery bypass graft (CABG) program.
Svetoslava Georgivea, chair of the EIC Fund Board said: “It is the ambition of the European Innovation Council (EIC) Fund to invest in European companies that develop cutting-edge technologies with high impact. Xeltis, with their restorative medical device technology is an excellent example of such a company, which the EIC Fund invests in to support their potential to scale and grow their business.”
Eliane Schutte, CEO of Xeltis, commented: “Securing this additional investment from the EIC is an important validator of Xeltis’ work to enable a better standard of care for patients with major life-threatening diseases through our transformative vascular implants. We look forward to providing updates from our pivotal aXess trial in due course, with enrollment progressing well.”
In December 2021, Xeltis secured €15 million from the EIC Accelerator, part of the European Commission’s Horizon Europe program, following a rigorous selection process. The €15 million consists of a €2.5 million grant and a €12.5 million equity investment through the EIC Fund. The company is one of a select group of European start-up companies funded under the program to help bring promising technologies to market, the release concludes.