FineHeart has raised €83 million ($96.6 million) in public and private funding to advance the development of its implantable cardiac output accelerator for the advanced treatment of heart failure.
The French company’s main clinical-stage product in development is Flowmaker, a hybrid between a pacemaker and a cardiac assist device to restore normal contraction of the heart.
€35 million ($40.7 million) of the total funds come from the closing of FineHeart’s Series C funding round. The round saw the participation of new investors, including the Pasteur Mutualité Group and the Etchart Group, as well as a “significant” participation from the European Investment Bank (EIB) fund of the European Innovation Council (EIC). Existing investors, including FH Founders, also participated.
Along with the Series C raise, FineHeart also received €48 million ($55.8 million) in grants from the European Commission’s (EC) IPCEI Med4Cure, a billion-euro ($1.16 billion) public funding pool created for healthcare innovation projects in the EU.
Planned in several tranches, the Med4Cure funds were granted to FineHeart given its role as lead partner of the project with an initiative aimed at structuring the European active implantable medical devices (AIMD) sector.
As lead project partner, FineHeart will use the funds to address key technology development challenges related to AIMDs, including miniaturization of electrical power systems and approaches to improve the long-term reliability and durability of implantable systems.
Arnaud Mascarell, CEO and co-founder of FineHeart, said: “We are delighted to welcome new investors during this first closing. I would like to particularly thank the Pasteur Mutualité Group and the (EIC) for their key contributions, as well as to our historic shareholders.”
“Together with IPCEI, this funding reinforces our ambition to create disruptive, intellectual property-protected technologies that enable more predictive, personalized, preventative and participatory medicine, while advancing Europe’s industrial competitiveness and healthcare sovereignty.
A total of 13 companies from EU member states: Belgium, France, Hungary, Italy, Slovakia and Spain are participating in Med4Cure. Under the initiative, participating countries will provide up to 1 billion euros ($1.16 billion) in public funding, which is expected to unlock an additional 5.9 billion euros ($6.8 billion) in private investment.
“FineHeart secures €83 million to advance cardiac device development” was originally created and published by Medical Device Networka brand owned by GlobalData.
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