Miracor Medical Systems said today it closed a $30.2 million (EU €25 million) round of funding as part of Series D financing round with funds slated to support further development and commercialization of its PiCSO impulse system, and announced it is moving its headquarters from Austria to Belgium.
The company’s PiCSO therapy is designed to be used during stenting procedures for patients affected by acute myocardial infarcts to improve pressure in the coronary venous system to improve microcirculatory flow and improve perfusion in the infarcted area.
The round was led by Shenzhen, China-based Ming Capital and co-led by a strategic investor and joined by newly invested SFPI, SRIW and Meusinvest and existing investors Earlybird Venture Capital, Delta Partners, SHS Gesellschaft für Beteiligungsmanagement, Biomed Invest and Peppermint Venture Partners.
“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,” Ming Capital managing partner Jack Yang said in a press release.
As part of the financing round, whicn included both equity and debt and a non-dilutive cash advance from Wallonia’s government, the company said it is relocating its headquarters to Belgium.
“I am very excited by the prospects for the company. The funds will allow us to run a randomized clinical trial in Europe, work with FDA to get approval for a large US trial and bring the PiCSO therapy to the market in Europe. I wish to thank all the investors for their trust, especially the Austrian (aws Gründerfonds) and Belgian public investors that allow for this important financing and step towards getting the PiCSO therapy accessible to patients,” Miracor CEO Olivier Delporte said in a prepared statement.