Secures $23 Million Funding for Innovative Heart Failure Treatment Device by Medical Restoration Company
Restore Medical, a pioneering company in the development of minimally invasive transcatheter therapies for heart failure, has successfully closed a $23 million Series B financing round. The funding round was co-led by Pitango HealthTech and a global strategic healthcare partner, with participation from the European Innovation Council (EIC) Fund, Peregrine Ventures, and another strategic partner.
The funds will primarily be used to complete Restore Medical's ongoing European feasibility study, which has shown promising long-term safety and efficacy results. These include meaningful improvements in ventricular reverse remodeling, hemodynamic performance, and patient functional capacity. The remaining funds will support the launch of a U.S.-based clinical study following the Breakthrough Device Designation granted by the U.S. Food and Drug Administration (FDA) in 2024.
Restore Medical's flagship product, ContraBand, is a catheter-delivered implant designed to treat left ventricular (LV) heart failure by leveraging the right ventricle to support the LV. This approach aims to improve LV ejection fraction and restore ventricular geometry, offering a new therapeutic option for heart failure patients who currently have limited treatment choices.
Dr. Jonathan Glazer, Partner at Pitango HealthTech, expressed his support for Restore Medical's innovative approach to heart failure treatment. He highlighted the compelling early data and exceptional leadership as reasons for co-leading the Series B financing round. Dr. Glazer's endorsement of Restore Medical's vision, team, and technology is seen as significant.
Gilad Marom, CEO of Restore Medical, expressed pride in the support from diverse partners. He emphasized that the funding will enable Restore Medical to advance its innovative technology toward broader clinical application and impact for patients globally.
With the Series B financing round, Restore Medical is positioned at the forefront of developing minimally invasive transcatheter therapies for heart failure. The clinical progress and regulatory milestones achieved by the company are expected to pave the way for a new era of effective and minimally invasive treatments for heart failure patients.
- The funded resources from this series B financing round will be utilized largely for the completion of Restore Medical's European feasibility study, with the remainder supporting a U.S.-based clinical study, aligning with the company's focus on health-and-wellness and cardiovascular-health.
- In addition to improving the physical well-being of heart failure patients through their innovative technology, Restore Medical's success in securing significant investments from finance entities such as Pitango HealthTech and Peregrine Ventures could potentially expand into the realm of technology, promoting technological advancements in the medical-conditions domain.
- As Restore Medical continues to innovate and develop transcatheter therapies for heart failure, the company's financial investments in the realm of science and technology could positively impact cardiovascular-health and offer new investment opportunities for those interested in Foster's investment in the health-and-wellness sector.
