Swiss medical device developer CorFlow Therapeutics said today that it has raised $9.7 million in the second close of its seed+ financing round. The first round closed in October 2017 at $2.7 million (CHF 2.6 million).
The proceeds will finance the first-in-man clinical trial in Europe of the company’s controlled flow infusion (CoFITM) system, which will be studied in 40 acute heart attack patients. CorFlow said it has applied to conduct the trial in six leading cardiovascular centers in Switzerland, the U.K., Belgium and Germany.
The trial will also measure the degree of microvascular obstruction (MVO) using CorFlow’s proprietary dynamic microvascular resistance (dMVR) concept and compare these peri-procedural dMVR values to post-procedure, contrast-enhanced MRI images And it will investigate the treatment effect of the CoFITM’s low-flow infusion of already approved therapeutic agents to reduce MVO in acute heart attack patients.
MVO is considered an independent predictor of heart failure and death. The CorFlow technology enables detection and treatment of MVO while the heart attack patients are still in the catheter laboratory immediately following reopening of the larger epicardial arteries with a stent.
The seed rounds have been funded by experienced private medical device investors who over the last decades have supported several breakthrough interventional cardiology technologies, according to CorFlow. The company expects that clinical milestones reached over the coming months will be the basis for raising the A round in 2019 securing its long-term R&D, clinical and regulatory activities.
“The CorFlow team is very grateful for the continued and substantial early support that we are receiving from our private investors,” said CorFlow CEO Jon Hoem in a prepared statement. “We are thrilled to see the growing interest for microvascular dysfunction and believe that the CorFlow solutions offer new ways to manage patients with microvascular injury. This comes at a time where the improvement in outcomes for acute heart attack patients have stagnated around the world and we hope that improved microvascular function can contribute to improved outcomes for these patients.”
