University Bridge Fund

Trinity Spin-out CroiValve raises €3.2 million oversubscribed seed round

Atlantic Bridge advisor Helen Ryan, CroíValve chairman Bernard Collins and CroíValve chief executive Dr Lucy O’Keefe.

Medical devices company CroíValve has raised €3.2 million oversubscribed seed financing round.

The company, which has developed a minimally invasive device to treat defective heart valves, is a spin-out from Trinity’s Centre for Bioengineering.

Its device is a safe and effective treatment for tricuspid regurgitation, a common heart condition that occurs when valves do not close properly. This causes blood to leak backwards, which can have a significant impact on how the heart functions.

The severe cardiac disease affects more than 550,000 people every year in the European Union and the United States. However, less than 1 per cent of these usually elderly patients receive surgical treatment, as they are deemed too frail. CroíValve’s solution though treats the condition quickly and cost effectively with no need for a long hospital stay.

CroíValve was established by Dr Lucy O’Keefe and Dr Martin Quinn in 2016, although the concept for the device had been in development for a number of years prior to this.

The round was led by the Halo Business Angel Network (HBAN) MedTech and Irrus syndicates, alongside Atlantic Bridge University Fund, Enterprise Ireland, SOSV and cardiologists who see the treatment’s transformative potential.

CroíValve said it intends to use the funds to continue development of its device.

“We welcome the investors’ support in accelerating our development efforts and look forward to working together to bring this exciting technology to patients. In doing so we are currently building our team, particularly in the area of R&D, and by year-end 2019 we will have grown to a company of 10,” said Dr O’Keefe.

In addition to the investment, HBAN syndicate member Dr Bernard Collins is to become CroíValve’s chairman.

A former executive at Boston Scientific, Dr Collins is a board member of several Irish life science companies, including Aerogen and Vivasure Medical.