CroíValve has secured €4 million in additional financing, which includes €2.5 million from the European Union (EU) under their Horizon 2020 SME Instrument grant and €1.5 million from Broadview Ventures and current investors (HBAN MedTech and Irrus Syndicates, Atlantic Bridge University Fund and SOSV Ventures). The funding will accelerate the development of the company’s novel technology for managing tricuspid regurgitation into first-in-human studies. 

CroíValve’s technology—a tricuspid coaptation valve—is delivered using a minimally invasive approach and seals the gap between native valve leaflets, thereby restoring valve function. A press release reports that the procedure has been proven safe, simple and effective in extensive pre-clinical testing completed. 

Broadview Ventures’ mission is, according to the press release, to accelerate the development of promising technology for the diagnosis and treatment of cardiovascular, metabolic, and neurovascular disease. Broadview is based in Boston (USA) with a global investment footprint. They have been actively investing since 2009, with 40 portfolio companies funded to date, and notable exits including CardiAQ, Apama Medical, and Remedy Pharmaceuticals. 

Lucy O’Keeffe, CroíValve’s CEO, says: “We welcome this funding as further validation of our solution following a very detailed assessment by Broadview Ventures and their Scientific Advisory Board, as well as a team of EU experts through the highly competitive Horizon 2020 SME Instrument grant. We are excited to accelerate our development efforts and look forward to bringing this new solution to patients.”

Maria Berkman, Broadview Ventures, states: “Tricuspid regurgitation remains an undertreated condition, despite advances in valve repair and replacement for the left side of the heart. We believe CroíValve has come up with a differentiated approach to solving tricuspid regurgitation—one that accommodates the unique anatomy and haemodynamics of the tricuspid valve. We look forward to working with the CroíValve team to bring this solution into the clinic.”

A spin-out from Trinity College Dublin, CroíValve (croí is Irish for heart) is a privately held company. It was founded by O’Keeffe, Martin Quinn, Paul Heneghan and Bruce Murphy to develop a percutaneous solution for tricuspid regurgitation.