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Press Release

Miracor Receives Additional Funding in Series-C Closing to Expand Clinical and Commercial Activities with the PiCSO® Impulse System

Miracor Medical Systems
Posted on: 25 Oct 16

Miracor Medical Systems GmbH (Miracor) announced today that it has raised additional funding as part of its Series-C financing round. The recent closing was led by Peppermint VenturePartners (Peppermint), who invested via the Peppermint CBF-1 fund (Berlin, Germany) with existing investors also participating, bringing the total amount raised in Series-C to € 7 Million. The company seeks to complete Series-C with a further € 8 Million.

Miracor has reached important milestones in recent months and we are impressed with the company’s performance and the latest clinical data on the PiCSO Impulse System, which show statistically significant reductions in infarct size and improvements in cardiac function after acute myocardial infarction (heart attack, AMI) compared to control patients,” said Magnus Holm, PhD, Venture Partner at Peppermint. “With AMI being the single biggest contributor to the growing incidence of heart failure, its effective treatment remains a huge clinical need, despite recent developments in percutaneous coronary interventions. Miracor is targeting this important clinical and economic need by improving the outcomes of patients following AMI. We are delighted to be involved with this exciting company and look forward to now supporting Miracor in its activities.”

Miracor’s PiCSOAMI Impulse System aims to improve outcome of patients with acute myocardial infarction by improving myocardial perfusion during percutaneous coronary intervention (PCI). PiCSO therapy is provided during the stenting procedure and intermittently increases pressure in the coronary venous system which leads to an improved microcirculatory flow and improved perfusion of the infarcted area, ultimately leading to a smaller residual infarct size after AMI compared to non PiCSO treated patients. Decreased residual infarct size after AMI has shown to be directly correlated to reduced mortality and hospitalizations for heart failure.

This additional investment enables us to accelerate our plans to start first clinical activities in the US. We are proud to have Peppermint join our existing investors and look forward to a fruitful cooperation,” commented Werner Braun, PhD, Chairman of the Board of Miracor. “With the most recent appointment of Olivier Delporte as new CEO of Miracor and his long-standing track record of successful management in the medical device field, the company is extremely well positioned to deliver on our ambitious clinical and commercial objectives ”, he continued.

Reducing infarct size is the remaining challenge in the treatment of AMI and Miracor has generated outstanding data with the PiCSO Impulse System in ongoing studies. I’m very excited to join Miracor at this time and we all look forward to presenting these important data at the upcoming TCT congress in Washington in October,” says Olivier Delporte, new CEO of Miracor.

Olivier Delporte is an international senior executive with 20 years of sales, marketing and general management experience, primarily in the medical devices industry.

Prior to joining Miracor, he held senior management positions with PneumRx (acquired by BTG in 2015), Tryton Medical, Guidant, and Abbott Vascular.

Olivier earned a Masters Degree in Business from the Université Catholique de Louvain, Belgium, and an M.B.A. from the University of Chicago.

About Peppermint VenturePartners

Peppermint VenturePartners is a private venture capital firm based in Berlin, investing in early-stage companies in the healthcare sector. It focuses on companies that stand out as a result of their innovative ideas in the fields of medical technology, diagnostics and digital health, as well as biomedical platform technologies.

About Miracor Medical Systems GmbH

Based in Vienna, Austria, Miracor Medical Systems GmbH (www.miracormedical.com) provides innovative solutions for the treatment of severe cardiac diseases, aiming to improve short and long-term clinical outcomes and reduce associated cost.

Miracor markets the PiCSO® Impulse System, the first and only coronary sinus intervention designed to improve cardiac function, reduce infarct size, and prevent the development of heart failure following acute myocardial infarction.

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NOTE: The PiCSO ® Impulse System is currently not approved for commercial or investigational use in the United States.

View source version on businesswire.com: http://www.businesswire.com/news/home/20161025005019/en/

Business Wire
www.businesswire.com

Last updated on: 25/10/2016

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