coramaze technologies GmbH, a Munich, Germany-based medical device company, closed a €4.5m (US$ 5.15m) Series A financing round.
The round was led by Elron Electronic Industries Ltd, an Israeli holding company dedicated to building technology companies, primarily in the field of medical devices, with participation from current investors High-Tech Gründerfonds and SeedCapital Dortmund and a pool of private investors.
The company will use the proceeds of the round to advance the mitramaze® implant design concept into a first-in-human clinical investigational study in 2016 and a subsequent feasibility trial to support European CE approval.
Founded in 2013 by Laura Figulla, CEO, coramaze is developing the mitramaze® valve repair system – a novel concept for transcatheter mitral valve repair (TMVRep) intended for treatment of inoperable patients suffering from severe functional mitral regurgitation (fMR*).
*fMR is one of the most common structural heart valve diseases and affects millions of people worldwide. Normally, the mitral valve closes when the left ventricle contracts, preventing blood from flowing backwards into the left atrium. fMR occurs when an enlarged left ventricle prevents the valve sealing completely. Patients with fMR suffer from severe symptoms, such as dyspnea and impaired exercise tolerance, and face an increased mortality risk. Until recently, many patients with severe fMR were excluded from standard surgical mitral valve treatment options due to advanced age or comorbidities.