Protembis announced today that it received $21.6 million (€20 million) in venture-debt financing from the European Investment Bank (EIB).
The financing supports the German medtech company’s efforts to develop a next-generation device for protecting the brains of patients who undergo certain heart treatments. It adds to $32.6 million raised in a Series B round earlier this year.
Protembis designed its intra-aortic filter device to protect the brain from embolic material during transcatheter aortic valve replacement (TAVR). A low-profile, non-thrombogenic system delivered through the left radial artery, ProtEmbo shields all cerebral vessels.
ProtEmbo is inserted during TAVR via the artery in the left wrist. It lines the roof of the aortic arch and shields the brain from dislodged debris.
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The company featured on MassDevice’s 2019 list of startups to know and previously received funding from big names in medtech like Abiomed.
According to a news release, funding supports clinical trials, R&D and market access for the ProtEmbo system. The EIB accord with Protembis is also supported by the InvestEU program. This could trigger more than $400 million in additional investment in new technologies until 2027.
“We are pleased to announce the signature of this agreement with the EIB,” said Protembis Co-CEOs Karl von Mangoldt and Conrad Rasmus. “We would like to recognise the hard work, skill and professionalism of the EIB team while thanking our existing investors and our board for their unwavering belief in the benefits of this additional financing facility.”
