Procyrion has closed $57.7 million Series E funding, including the conversion of $10.0 million of interim financing, led by Fannin Partners and followed by Bluebird Ventures.
The funds will be used to support the ongoing DRAIN-HF pivotal IDE trial evaluating the Aortix™ percutaneous mechanical circulatory support (pMCS) device in patients with acute decompensated heart failure (ADHF) who remain congested despite standard medical therapy (cardiorenal syndrome or CRS), as well as internal programs to improve product manufacturability and prepare for commercialization.
Aortix is a catheter-deployed pump placed in the descending thoracic aorta and designed to directly increase perfusion to the kidneys while reducing cardiac workload and improving cardiac performance. Its innovative design uses fluid entrainment to pump blood without the need for a valve, providing a therapeutic benefit through a physiologically natural mechanism of action.
Approximately 25% of the millions of patients hospitalized with ADHF cannot be successfully treated with standard therapies, yet there is a lack of effective treatment options resulting in very poor outcomes. The Aortix therapy is uniquely suited to treat CRS patients and this latest round of investment will enable us to make significant progress towards commercializing our technology,” said Eric S. Fain, MD, President and CEO of Procyrion.
To view the source version, please click HERE.