CryoTherapeutics, a Cologne, Germany-based and Awans, Belgium-based developer of cryotherapy systems for the treatment of coronary plaque, closed a €7m Series B equity, debt and grant financing.
Backers included Noshaq (formerly Meusinvest), and existing investors Peppermint Venture Partners, Creathor Ventures and Getz Brothers. Non-dilutive cash advances were granted by the Walloon region (DG06).
The company intends to use the funds to conduct clinical activities, further invest in research and development, talent acquisition and international growth and to establish operations at its new facility in Awans, Belgium.
Established in December 2009 and led by John Yianni, CEO, CryoTherapeutics is focusing on the development, demonstration of clinical benefit, and early-stage commercialization of a proprietary cryotherapy system for use in the treatment of coronary artery disease that causes heart attacks.
The company’s technology is comprised of an intravascular catheter that can deliver at its tip sub zero temperatures to treat inflamed areas of the coronary artery with the aim of stabilizing lesions that could otherwise go on to rupture and cause heart attack.