French medical device start-up firm TRiCares has secured €22m funding to advance the development of its transcatheter-based tricuspid valve replacement system.
The firm has secured series B financing under the financing round led by Germany’s Wellington Partners, France’s Andera Partners and Switzerland’s BioMed Partners, as well as existing French syndicate of CM-CIC Innovation, CapDecisif Management and GO Capital.
TRiCares will use the funding for the development of minimally invasive treatment of tricuspid regurgitation. It will also use the funding to conduct clinical trials and secure CE mark approval in Europe.
French start-up is engaged in the development of a transcatheter-based tricuspid valve replacement system to provide a better treatment for the frequent and severe disease that avoids open heart surgery.
TRiCares CEO Helmut Straubinger said: “We believe the unique design of our heart valve prostheses will significantly improve quality of life of many patients suffering from severe tricuspid regurgitation.
“This financing is testament to the strength of our technology and to our promise to create a mild, minimally invasive treatment of tricuspid regurgitation through a safe and effective transcatheter valve replacement system.”
According to the company, Heart valve diseases are affecting over 12.7 million patients in Europe and open-heart surgeries and medical treatment are the current standard treatment options for patients with tricuspid valve disease.
The tricuspid valve is the heart valve, which regulates the blood between the right atrial and ventricular chamber.
Tricuspid regurgitation is said to take place when the tricuspid valve fails to close properly, causing blood to flow backwards into the right atrium.
Wellington Partners managing partner Dr Regina Hodits said: “TRiCares’ world-class founding medical team and highly qualified development group and management are a great asset in transforming TRiCares’ novel approach into an effective product addressing a highly unmet medical need.”
Established in 2013, TRiCares is headquartered in Paris of France and manages operating location in Munich of Germany.