Procyrion Inc., a Houston, TX-based developer of a catheter-deployed circulatory assist device designed to treat chronic heart failure, completed a $10m Series B financing round.
The round was led by an entity sponsored by Houston-based Fannin Partners, Scientific Health Development, and an undisclosed strategic investor with participation from existing and new private investors. In conjunction with the financing, Carter Meyer, CEO of Scientific Health Development, will join Procyrion’s Board of Directors.
The company, which has raised more than $13m in total, intends to use the funds to begin first-in-human trials in 2016 with a clinical pilot study to follow in 2017.
Led by Benjamin A. Hertzog, Ph.D., chief executive officer, Procyrion is a medical device company developing a catheter-deployed, intra-aortic pump for ambulatory use. The device is designed to rest and heal the heart by reducing afterload while simultaneously improving blood flow to vital organs.
This cardiology tool, conceived by cardiologist Dr. Reynolds M. Delgado, III, medical director of Mechanical Support Devices in Heart Failure at the Texas Heart Institute, is expected to provide a minimally invasive treatment option for chronic heart failure patients, who are too sick for medication alone, but not sick enough to warrant an invasive surgical procedure. Management expects the Aortix platform will have broad clinical utility across a wide range of heart failure indications, including cardiorenal syndrome and others for which no therapeutic devices currently exist.