AdjuCor Raises € 29 Million in Series B Funding Round for its Revolutionary Heart Assist Technology that Completely Avoids Blood Contact
MUNICH, Germany -- AdjuCor raises € 29 million to enable its next phase of bringing its revolutionary heart assist technology to the severely underserved end-stage heart failure patients. This Series B financing round includes € 25 million from the cardiovascular-focused medical device platform company MitrAssist Holdings Limited accompanied by an additional € 4 million from the returning investor Maurizio Group.
AdjuCor is developing an implantable heart assist device that, contrary to all existing heart assist devices, has the capability to assist the heart while completely avoiding the complication-laden aspect of blood contact. Durability and long-term pre-clinical survival studies have proven functionality and safety of this unique technology.
This capital increase will be used to fund the finalization of its product development, completing series production facilities, as well as execution of its premarket clinical trials in Europe.
“We are very glad to have closed this new round of investment, thereby adding them to the portfolio of world-class companies and being a strategic partner,” outlined Ms. Peggy Wang, Chairman of MitrAssist Holdings Limited. “Despite the constraints associated with investing during times of a worldwide pandemic, AdjuCor’s team has gone the extra mile to clearly demonstrate their value proposition, and clearly possesses the expertise and experience to bring their plans to fruition. As such, they fit perfectly into our profile of founders and management teams in which we exclusively partner – and their vision for becoming world-wide market leaders in the field of mechanical circulatory support becomes evidently clear.”
The main existing investor, Maurizio Group, have significantly increased its stake in the company, thereby expressing their continued confidence in AdjuCor’s technology and its team for executing the said goals.
“We are very proud to have supported Professor Wildhirt and his team to reach critical R&D goals and the required and investment to enable them to enter the clinical arena. Therefore, we gladly also further support their efforts with the follow-up investment. Their continued commitment and hard work to want to better serve this large community of patients with such a dim outlook and unattractive treatment options, is truly admirable.“ says Dr. Rüdiger Wilbert, Managing Director at Maurizio Group. The CEO of AdjuCor, Professor Wildhirt commented: “We are beyond pleased with the confidence that has been expressed towards our technology and our team. Securing the € 29 million of this round and getting MitrAssist Holdings Limited on board are exactly what AdjuCor has been looking for to reach its goals”.
To this, Professor Stephan Schueler, Clinical Advisor to AdjuCor and Head of Mechanical Circulation Support at the Freeman Hospital, Newcastle upon Tyne, UK, added: “Considering the many end-stage heart failure patients we treat daily that will surely profit tremendously from this technology, we are delighted to hear of this news of AdjuCor’s new investment. It provides us with the clear perspective of participating in their planned first-in-human feasibility trial to be conducted together with Prof. Ulrich Stock at Harefield Hospital in London, UK.”
AdjuCor’s Innovative Extravascular, Biventricular Cardiac Support Technology
What sets AdjuCor’ patented technology apart from the other LVADs currently available on the market, is its unique non-blood-contacting solution, its ability to support both ventricles, and its innovative patientspecific design. It is implanted by a heart team (cardiologist and surgeon) within a few minutes on the beating heart without sutures. It completely avoids blood contact and thereby any blood-related complications including strokes and bleeding – an invaluable advantage that cannot be over-stated. The energy transferred to the heart may be adjusted to each patient’s need. It thereby dramatically enhances the care of patients with heart failure and improves their quality of life.
About MitrAssist Holdings Limited
MitrAssist Holdings Limited, founded in 2009, is a global interventional cardiovascular device platform company with an established track record of global premium partnership, R&D and commerce in groundbreaking cardiovascular innovative technologies from China, Israel and Europe. It has a rich pipelines layout in the cardiovascular field including Structural Heart, Heart Failure, and PCI, and is committed to becoming an international leading innovative comprehensive platform company for cardiovascular diseases.
AdjuCor is a Munich-based, German company that was founded as GmbH in 2012 by the cardiothoracic surgeon, Stephen Wildhirt. It has been funded by private investors, the European Union, as well as German and Bavarian entities. The company employs over thirty experts in all fields required and, with this new financing round, has now raised € 40 million in total of financing.