CroíValve closed a Series B financing round with proceeds totaling $16 million. The MedTech & Irrus Syndicates led the financing round for the Dublin, Ireland-based tricuspid regurgitation (TR) treatment developer. Current investors Ascentifi, Furthr, Broadview Ventures, Atlantic Bridge University Fund, Enterprise Ireland, Elkstone and SOSV also participated. New investor IAG Capital Partners joined as well.

Following the round, Daniel Gottlieb, a director with Broadview Ventures, joined CroíValve’s board of directors. Ehsan Jabbarzadeh, a venture partner with IAG, joins the board as an observer.

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CroíValve develops Duo, a novel transcatheter tricuspid coaptation valve system. The valve works in tandem with the native tricuspid valve to restore valve function. Delivered using percutaneous techniques, Duo is anchored in a novel way — it is secured across the annulus by a support catheter anchored to a stent in the superior vena cava. This anchor system leaves the right heart and native valve apparatus untouched.

The system won FDA investigational device exemption at the start of the year and kicked off an early feasibility study for the Duo system. Duo could enter the hot tricuspid repair space that features Edwards’ Evoque and Abbott’s TriClip systems. CEO Lucy O’Keeffe outlined the company’s mission in an interview with MassDevice earlier this year.

CroíValve’s financing follows recent reporting of favorable patient outcomes in the TANDEM I first-in-human clinical trial in Europe for Duo. The company plans to use proceeds to fund its TANDEM II early feasibility study, an FDA approved trial of Duo.

“This financing is a testament to the unmet need for treating tricuspid regurgitation and the potential of the Duo system to treat more patients with a reproducible and intuitive procedure,” O’Keeffe said in a news release. “We are excited to bring this technology to the U.S., with strong support from our shareholder base who are committed to our mission to transform the lives of patients suffering from tricuspid regurgitation.”