Investment of $23 Million in Series B for the progression of a medical device aimed at heart failure treatment through Restore Medical
Restore Medical, a clinical-stage MedTech company, has announced the successful closure of a $23 million Series B financing round. This significant investment will propel the company's innovative transcatheter approach for heart failure treatment, addressing a crucial unmet need in medicine.
The funding round, co-led by Pitango HealthTech and a global strategic healthcare partner, also received participation from the European Innovation Council (EIC) Fund, Peregrine Ventures, and another strategic partner. This diverse group of investors recognises the potential of Restore Medical's unique therapeutic option for heart failure patients.
Gilad Marom, CEO of Restore Medical, expressed pride in the support from this diverse group of partners. He emphasised that the investment will be utilised for two main purposes: the completion of the ongoing European feasibility study and the launch of a U.S.-based clinical study.
The European feasibility study has demonstrated promising long-term safety and efficacy data, including improvements in ventricular reverse remodeling, hemodynamic performance, and patient functional capacity. The funds will help complete this study, further validating the effectiveness of Restore Medical's approach.
Following the Breakthrough Device Designation granted by the U.S. Food and Drug Administration (FDA) in 2024, the investment will also support the initiation of a U.S.-based clinical study. This study is crucial for further validating the effectiveness of Restore Medical's innovative approach to treating heart failure.
Jonathan Glazer, MD, Partner at Pitango HealthTech, believes in the urgent need for better solutions for heart failure. He sees Restore Medical's innovative approach as a clear choice for co-leading the funding round, citing the company's early compelling data and exceptional leadership as key factors in attracting investment.
Heart failure remains a significant unmet need in medicine, both clinically and economically. Restore Medical's technology, with encouraging clinical data and FDA Breakthrough Device designation, is well-positioned to advance toward making a meaningful impact for patients worldwide.
[1] European Heart Journal, 2022 [2] Circulation, 2023
- The European Innovation Council (EIC) Fund, Peregrine Ventures, and other investors have shown their confidence in Restore Medical's unique therapeutic option for heart failure patients by participating in the company's Series B financing round.
- The funds raised will be used for the completion of a European feasibility study on Restore Medical's transcatheter approach for heart failure treatment and the initiation of a U.S.-based clinical study, further validating its effectiveness.
- The successful closure of the $23 million Series B financing round is significant for not only the health-and-wellness sector, with potential benefits for heart failure patients, but also for the finance and business world, demonstrating the potential of medical-conditions technology startups and attracting further investment.
