€ 6m in additional funds raised in addition to the € 15m in June
Clinical trials expected in 2022
BORDEAUX, France, December 15, 2021– (BUSINESS WIRE) – FineHeart SA, a preclinical medical device company that has developed ICOMS FLOWMAKER®, an implantable cardiac output management system designed to meet the unmet needs of patients with severe heart failure, announced today additional funding of € 6 million bringing the total of Series B to € 21 million, giving FineHeart a cash flow track until the end of 2023. This funding is in addition to the € 15 million raised in June 2021 from the pool of industrial and independent investors: Lauak Group, Doliam, FineHeart Founders’ Holding which brought together international private investors, mainly from the cardiology sector and the European investment fund Verve Ventures. They joined the historic shareholders Irdi, Aquiti, Galia, Broadview Ventures and M Capital.
“I am extremely satisfied with the interest that our project is arousing on the part of new investors who are joining the original and innovative consortium that we have brought together in previous rounds. This additional sign of confidence in our strategy allows us to move forward in the next stages of the development of FLOWMAKER ICOMS® and the first clinical trials in humans in 2022 “, declared Arnaud Mascarell, CEO and co-founder of FineHeart. “Our goal is to bring effective treatment as quickly as possible to thousands of patients suffering from severe heart failure, thanks to our disruptive device, fully implantable, without wires or external batteries, which will allow them to resume a normal life..“
Sylvain Famille, President of Med-INNOV, one of the investors in this new funding round, declared:
“We are delighted to add FineHeart to our portfolio of highly innovative French companies who are inventing the health of tomorrow. ICOMS FLOWMAKER® technology is revolutionary and unique. We are convinced that it has all the features to effectively treat insufficiency severe heart disease “.
ICOMS FLOWMAKER® is the world’s first physiological cardiac assist device. FineHeart has successfully completed all critical preclinical trials required to schedule First In Human clinical trials. The in-vivo studies validate the therapeutic potential of the device and have been hailed by the international medical community, which awaits an effective solution for the treatment of severe heart failure.
I would like to highlight the remarkable and unprecedented preclinical advances that have been made, making ICOMS FLOWMAKER® a potential first-rate treatment for thousands of patients with severe heart failure. Jean-Luc Boulnois, Chairman of the Board of FineHeart.
With this latest funding, FineHeart has raised 46 million euros since its creation in 2010.
Today, the company has 45 employees, mainly focused on R&D and expertise in quality and regulatory affairs. FineHeart has an international scientific medical council made up of world-renowned thought leaders.
About ICOMS FLOWMAKER®
The ICOMS FLOWMAKER® is the first fully intraventricular wireless flow accelerator that provides physiological support synchronized with the heart’s natural contractions. It respects the natural blood flow and does not require aortic bypass surgery. It is the first miniaturized device – barely 10 cm – which adapts to the needs of patients, like a cardiac pacemaker, to treat more or less severe patients. It has no external transmission as it is recharged via a wireless transcutaneous energy transfer (TET) system. The device is implanted using a minimally invasive beating heart procedure, commonly performed by cardiac surgeons, and lasts an average of 90 minutes. FineHeart demonstrates that the ICOMS FLOWMAKER® Implantation and Removal Protocol resolves the serious complications associated with left ventricular assist device (LVAD) implantation, which deteriorates the fragile cardiovascular status of treated patients. Within two years of implanting a conventional LVAD, 80% of patients develop severe complications that make them dependent on their assistive device.
About FineHeart – www.fineheart.fr
FineHeart is a French medical devices company headquartered in Bordeaux. Its patented ICOMS innovation has the potential to treat 200,000 patients with severe heart failure per year, with FineHeart initially targeting the 50,000 patients eligible for hemodynamic assistance but who are not currently treated with current LVADs; an unmet market need of $ 5 billion. FineHeart was founded in 2010 by a team of internationally renowned cardiac surgeons and cardiologists, led by Stéphane Garrigue, MD, PhD, CSO, Philippe Ritter, MD, MS, co-inventor of cardiac resynchronization therapy (CRT) and the CEO of FineHeart, Arnaud Mascarell. The company currently benefits from 17 patent families. FineHeart is backed by large American venture capital firms specializing in the cardiovascular space, leading French investors, the European Union, the Nouvelle Aquitaine region and the Center region. It has been recognized by FierceMedTech as one of its “15 Fierce”, naming it as one of the most promising private MedTech companies in the industry.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211215005699/en/
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