Miracor Medical Raises €24M in Series E Funding
Miracor Medical, the Belgian medical equipment developer, has raised €24M in a Series E funding round led by Yonghua and a new unnamed corporate strategic investor. Current investors Earlybird, Noshaq, Quest for Growth, SFPI-FPIM, SRIW and another corporate strategic investor also bolstered this financing. The funding will be used to advance its PiCSO clinical study programme, and for commercialization in Europe.
Pressure-Controlled Intermittent Sinus Occlusion (PiCSO) is a first-line therapy meant for use during percutaneous coronary intervention (PCI) for patients experiencing anterior ST-elevated myocardial infarction (STEMI) to better redistribute blood flow and limit the size of infarct, or dead tissue resulting from a failure of blood supply, which is a major concern for existing treatments.
In previous studies, infarct size has been associated with subsequent patient mortality, heart failure and hospitalizations. Despite significant improvements and the advent of therapies to mitigate this issue, the one-year-mortality rate for patients has held steady at 14%, with heart failure occurring in more than a quarter (28%) of patients within the first 90 days.
The PiCSO system, which received ‘Breakthrough Designation’ from the FDA in 2019 and the CE-Mark in June 2020, works to reduce infarct size by intermittently obstructing coronary sinus outflow, in efforts to redistribute blood to deprived regions of the muscular tissue in the heart, in a streamlined 33-minute process. PiCSO clinical studies so far have demonstrated a 33% decrease in infarct size. Based on current results, Miracor has projected that PiCSO treatment may lead to a 34% reduction in heart failure-related hospitalization and a 25% reduction in mortality at 1-year.
For its latest programme, Miracor is recruiting 750 participants into three studies spread between Europe and the United States.