YOKNEAM, Israel (PRWEB) January 12, 2022
Cardiac Success Ltd., an Israel-based medical device company developing a transcatheter ventricular repair device for heart failure patients, announced today that it has been awarded €10 million of blended financing in grants and equity investment from the European Innovation Council Accelerator (EIC).
The support consists of a €2.5 million grant and an additional €7.5 million in equity investment as part of Cardiac Success’s next round of financing. The funds will support the accelerated clinical development of the novel “V-sling” system, a transcatheter ventricular repair device designed to provide a new approach to the treatment of heart failure patients.
Cardiac Success was one of only 164 winning companies selected in 2021 to receive EIC funding out of over 4000 companies who applied for the EIC from over 20 countries. Following a rigorous screening process, the companies selected for the final stages are considered to be world-class, high-impact innovations.
"We are very proud Cardiac Success was selected to receive both a grant and equity financing from the EIC,” said Boaz Manash, CEO of Cardiac Success. “This recognition is an endorsement of the “V-sling” technology, our strong team, and our role in innovating a new therapy to improve the lives of millions of people suffering from heart failure”.
Today, over 60 million people suffer from heart failure. Despite guidance-directed medical therapy, it continues to be a serious health condition associated with high rates of rehospitalization and death. Cardiac Success’ “V-sling” system aims to provide a new treatment approach by transforming a risky and invasive open-heart surgery into a safe and effective minimally invasive transcatheter procedure. The “V-sling” device may significantly improve patients' quality of life while reducing rehospitalizations and costs.
The EIC investment follows Cardiac Success’s closing of a $5.2 million Series A financing in June 2021. The recent EIC funds will enable the completion of a First-in-Human trial and the initiation of a regulatory approval study of the “V-sling” system.
About Cardiac Success
Headquartered in Yokneam, Israel, Cardiac Success was founded in 2017 in the Alon Medtech Ventures’ incubator by the serial entrepreneur Dr. Shimon Eckhouse and Dr. David Neustadter (Chief Technology Officer). The company’s management team includes Mr. Boaz Manash (CEO), an experienced R&D leader previously responsible for the Sapien M3 mitral valve program at Edwards Lifesciences (NYSE: EW) and Prof. Rafael Beyar (Chief Medical Officer), an internationally-recognized cardiologist and former director of Rambam Medical Center. For more information, see https://www.cardiacsuccess.com/