Restore Medical secures $23M for heart failure studies

Restore Medical, a medtech company focusing on heart failure therapies, announced the closing of a $23 million Series B funding round.

Pitango HealthTech co-led the round with the European Innovation Council (EIC) Fund with participation from existing investors, including Peregrine Ventures.

WHAT IT DOES

Restore Medical treats heart failure with transcatheter therapies designed to restore hemodynamic balance and improve clinical outcomes. 

The company’s flagship product, ContraBand, is a reversible therapy for the treatment of left ventricular (LV) failure. The catheter-delivered implant is intended to leverage the right ventricle to provide support to the LV, improving LV ejection fraction and restoring ventricular geometry. 

The company will utilize the funds to finalize a European feasibility study for ContraBand and initiate a U.S.-based clinical study.

“We are proud to have the support of such a strong and diverse group of partners, including two global strategic investors, the European Innovation Council Fund and leading VCs such as Peregrine Ventures and Pitango HealthTech,” Gilad Marom, CEO of Restore Medical, said in a statement. 

“Their confidence in our vision, team and technology is a powerful endorsement. With encouraging clinical data and FDA Breakthrough Device designation, we are well positioned to advance this technology toward making a meaningful impact for patients worldwide.”

MARKET SNAPSHOT

Restore Medical received Breakthrough Device Designation from the FDA last year for its ContraBand device. 

This designation was specifically for the treatment of heart failure in patients with reduced ejection fraction who remain symptomatic despite maximally tolerated guideline-directed medical therapy and who have no significant pulmonary hypertension or right heart failure.

In 2023, Restore Medical completed enrollment in its clinical study with its ContraBand device. 

The feasibility, multi-center, prospective study enrolled 15 patients who were already on maximally-tolerated guideline-directed medical therapy across five hospitals in Europe. 

In 2022, Restore Medical was awarded a $2.9 million (€2.5 million) grant and subject to a future milestone, an equity investment of $11.6 million (€10 million). 

The funds were used to help Restore Medical enhance its clinical development of ContraBand and further investigate the treatment’s safety and efficacy.

Other companies in the transcatheter space include Evident Vascular, which in March announced the successful closing of its Series B financing.

The funding was used to accelerate the development of the company’s advanced IVUS technology designed to enhance vascular imaging and patient outcomes and support 510(k) FDA clearance ahead of U.S. market launch.

The California-based company developed AI-enabled transcatheter intravascular ultrasound technology that captures images inside a patient’s blood vessels to evaluate vascular disease and enhance image interpretation.  

Evident Vascular launched in 2023 after receiving a $35 million Series A financing round.

In 2023, Append Medical, developer of a non-invasive implant for transcatheter left atrial appendage exclusion raised $4.35 million as part of an extended Series A round.

The company develops the Appligator, a device designed to reduce stroke risk in AF patients by excluding the LAA to prevent blood clot leakage with a minimally invasive transseptal intervention, leaving no metal implant behind.

In 2021, Append Medical completed a $7.4 million (€6.2 million) Series A financing round.