Novo Seeds reported that its portfolio organization, CorWave, a medtech company, has secured EUR 35 million in Series C funding.
FREMONT, CA: Novo Seeds is Novo Holdings' initial phase investment and company creation team, recently reported that its portfolio organization, CorWave, a medtech company, has secured EUR 35 million in Series C funding for its breakthrough technology-based implantable heart pump.
The EIC Fund, a VC project funded by the European Commission, acted as an anchor investor. For the first time since the government organization was established in 1957, it made its first investment to become a private-sector shareholder. Together with other established investors, Bpifrance, Seventure, Sofinnova Partners, and Ysios Money, Novo Seeds took part in the round.
The additional funds will allow CorWave to finish the production of its LVADD wave membrane pump (Left Ventricular Assist Device). nIn order to improve its manufacturing infrastructure, the company aims to use its new funding and even finish the regulatory testing needed to perform human implants and launch clinical trials for advanced heart failure.
"This $40 million round gives us the means to achieve our ambitions. We are already at work to build our manufacturing and clinical teams. This is the result of the perseverance of the ‘CorWavers’ who are working tirelessly to change the lives of heart failure patients. They have developed the most advanced circulatory support system in the world. I would also like to acknowledge the work of Zina Hamoumi, our CFO, who has been instrumental in this transaction. We are very pleased with the renewed support of leading healthcare funds and the arrival of new shareholders, including EIC Fund, which is making its first equity investment," said Louis de Lillers, CEO of CorWave.
"CorWave has built an international team of excellence that has achieved critical R&D milestones. The company is now in a very good position to seize a multi-billion-dollar market opportunity. On behalf of the existing investors, I am very excited to continue to support CorWave in this new phase of growth," commented Gérard Hascoët, Chairman of the Board of Directors of CorWave and Venture Partner at Sofinnova Partners.
Two crucial technological milestones required to progress to the clinical stage have been achieved by CorWave: a successful 60-day in vivo implant with excellent hemocompatibility results, and the completion of 6-month real-time pump reliability tests.
Dr. Nader Moazami, MD, Chief of the Division of Heart & Lung Transplantation & Mechanical Circulatory Support at New York University (NYU) Langone Health, commented: "CorWave’s unique technology offers the potential to significantly improve the outcomes achievable with mechanical circulatory support for the treatment of end-stage heart failure.”
Novo Holdings is regarded as a leading foreign investor in life science, emphasizing long-term value growth. As a life science investor, Novo Holdings offers development-stage companies with seed and venture capital and takes important equity positions in rising and well-established companies. Novo Holdings also manage an extensive portfolio of diversified financial assets.