Baar, Switzerland, October 24, 2017 / B3C newswire / -- CorFlow Therapeutics AG today announced that the company has completed the CHF 2.6M 1st close of its Seed+ financing round led by experienced private medical device investors who over the last decades have supported breakthrough interventional cardiology technologies. To date the company has raised more than CHF 5M in seed funding.
The Seed+ proceeds will finance the 80 patients First-in-Man MOCA ((MVO with CoFI™ System Assessment) clinical trial in Europe. The MOCA trial will investigate the diagnosis of microvascular obstruction (MVO) in up to 40 acute coronary patients and the potential therapy for these patients comparing the outcomes to current standard of care. The Seed+ round will be the basis for raising the larger A round securing the long-term R&D, clinical and regulatory activities of the company.
The seed investors were joined by the world renowned medical device entrepreneurs Jacques Séguin and Arshad Quadri ("Q") who founded CoreValve and CardiAQ respectively. Dr. Jean-Claude Laborde, a French interventional cardiologist deeply associated in the development of the CoreValve and CardiaQ technologies, showed very early and continuous support of the company. In a joint comment, Jacques, Jean-Claude and Q stated "The CorFlow Controlled Flow Infusion technology is a compelling and powerful new approach to diagnose and potentially treat microvascular obstruction after a heart attack. We are proud to support a high quality European medical device company like CorFlow and look forward to follow and support the company as investors".
Jon H. Hoem, CorFlow's CEO and Co-Founder, said: "I'm very grateful for the continued and substantial support that we are receiving from our private investors. The fundament for the Seed+ financing is the data coming out of CorFlow's nonclinical trials and our solid milestone achievements. We are pleased that leading professionals like Jacques, Jean-Claude and Q share our view on the nonclinical data. These data are very exciting and open a completely new window to diagnose and potentially treat microvascular obstruction".
CorFlow will share the nonclinical data with European, US and Japanese key opinion interventional cardiologists in private meetings during the upcoming TCT conference in Denver. The data will also be presented to venture capitalists and medical device corporates.
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About TCT conference
The annual Transcatheter Cardiovascular Therapeutics (TCT) conference is one of the leading conferences for new interventional cardiology technologies in the world.
TCT provides updates on new technologies from proof-of-concept, to nonclinical trials and large clinical trial outcomes. In addition to provide updates on the scientific progress in the field, TCT is also an excellent meeting place for interventional cardiologists and innovative medical device companies like CorFlow Therapeutics.
This year Tom Hanks, who is one of the world's most iconic and beloved actors, will join the conference for the Monday special evening.
About CorFlow Therapeutics AG
CorFlow Therapeutics is incorporated in Baar, Switzerland, and is developing proprietary technologies for diagnosis and treatment of microvascular obstructions (MVO) which is documented to be an independent marker leading to costly complications such as heart failure. The CorFlow technologies will enable interventional cardiologists to diagnose and treat MVO in severe heart attack patients thereby potentially reducing the short- and long-term complication rates in these patients.
Caution: The CorFlow Controlled Flow Infusion (CoFITM) technology is in the early phases of development. It will not be available in Europe, the US or Japan for clinical trials until further notice and is NOT available for sale. This news release contains certain “forward-looking” statements under the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements, which may include, but are not limited to, statements concerning the projections, financial condition, results of operations and businesses of CorFlow are based on management’s current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences may include, but are not limited to, risks relating to the protection of intellectual property, changes to governmental regulation of medical devices, European or US Food and Drug Administration (FDA) approvals of new products, the impact of competitive products, changes to the competitive environment, the acceptance of new products in the market, conditions of the interventional cardiology industry and the economy and other factors.