CroíValve announced it received new funding from Horizon Europe’s European Innovation Council (EIC) Accelerator Program.
EIC awarded the funding as part of the EU’s Horizon Europe 2021-2027 Research and Innovation Program. It provides funding to high-potential, high-risk startups, scale-ups and subject matter experts. The competition included 959 applicants for 40 awards across 16 countries.
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The award includes grant funding of about $2.9 million (€2.5 million). That combines with an equity investment of about $11.8 million (€10 million) for the company’s next financing.
Dublin, Ireland-based CroíValve develops the Duo transcatheter tricuspid coaptation valve system for treating severe tricuspid regurgitation (TR). Duo works in tandem with the native tricuspid valve to restore valve function. Delivered using percutaneous techniques, Duo anchors in a novel way. A support catheter anchored to a stent in the superior vena cava secures the valve across the annulus. This anchor system leaves the right heart and native valve apparatus untouched.
Last fall, the company completed the first implant of Duo in a U.S. early feasibility study.
Duo could enter the tricuspid repair space dominated by Edwards’ Evoque and Abbott’s TriClip systems. CroíValve CEO Lucy O’Keeffe outlined the company’s mission in an interview with MassDevice last year.
“Securing EIC funding is instrumental in expanding clinical validation of the Duo system, a novel minimally invasive, transcatheter device to treat severe+ tricuspid regurgitation,” said O’Keeffe. “There is a significant unmet clinical need to treat the heterogeneous patient population who are not suitable for first generation transcatheter tricuspid devices. It is CroiValve’s mission to innovate a better way to help more patients suffering with this disease and we are honoured to have EIC support for this journey.”
