Medical device company Procyrion Closes $57.7 Million Series E Financing Round

Procyrion

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Houston-based medical device company Procyrion has secured $57.7 million in a Series E funding round, with an additional $10 million from interim financing. The funds raised will primarily be directed towards supporting the ongoing DRAIN-HF pivotal Investigational Device Exemption (IDE) trial for the Aortix percutaneous mechanical circulatory support (pMCS) device.

Aortix is a catheter-deployed pump designed to improve outcomes for patients experiencing acute decompensated heart failure (ADHF), specifically those with cardiorenal syndrome (CRS). This condition, characterized by resistance to standard intravenous diuretic therapy, affects approximately 25% of ADHF patients, leading to a lack of effective treatment options and poor outcomes.

The Series E funding round was led by Fannin Partners, in collaboration with both new and existing family/multi-family office investors. Returning investors include Bluebird Ventures and an undisclosed strategic investor.

Proceeds from the funding round will not only support the clinical trials of Aortix but also contribute to internal programs focused on enhancing product manufacturability. Additionally, Procyrion plans to utilize the funds for preparations related to the potential commercialization of Aortix.

Procyrion’s Aortix device operates as a catheter-deployed pump placed in the descending thoracic aorta. It aims to increase perfusion to the kidneys, unload the heart, and improve cardiac performance. The unique design utilizes fluid entrainment to pump blood without a valve, offering a physiologically natural mechanism of action.

The Aortix CRS Pilot Study demonstrated promising results, showcasing rapid decongestion, significant removal of excess fluid, improved hemodynamics, enhanced kidney function, and overall better patient outcomes up to 30 days after treatment.

The latest funding round reflects a strong investor belief in Procyrion’s mission to address the unmet needs of patients suffering from CRS. The company aims to contribute to improved patient outcomes and reduce the overall burden on the healthcare system. With approximately 500,000 patients in the U.S. experiencing cardiorenal syndrome, the potential impact of Aortix on mortality rates and heart failure rehospitalization is substantial.

Leo Linbeck III, Chairman and Founder of Fannin Partners and a Procyrion Board Member, expressed enthusiasm for leading the round, citing the enormous commercial potential of Aortix. The company now looks forward to the results of the DRAIN-HF study, anticipating positive outcomes that could revolutionize treatment options for patients with CRS.

Procyrion, a privately held medical device company, is dedicated to developing effective treatment options for patients with cardiac and renal impairment. Aortix is currently limited to investigational use only and has not received approval for sale in any geography.

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