CorFlow Therapeutics AG has secured €44 million in Series B funding, co-led by Broadview Ventures and Panakes Partners. The funding round also saw participation from 415 Capital, CorFlow’s initial investor and largest shareholder, alongside Merieux Equity Partners, Laerdal Million Lives Fund, Wellington Partners, M&L Investments, Unorthodox Ventures, KOFA Healthcare, and Monte Carlo Capital. As part of the deal, representatives from Broadview Ventures, Panakes Partners, Merieux Equity Partners, and Laerdal Million Lives Fund have joined CorFlow’s Board of Directors.
The Series B funding will be used to advance the pivotal MOCA II (MVO with CoFITM System Assessment II) study, aimed at securing U.S. market clearance. This study will take place in the U.S. and Europe and aims to validate CorFlow’s CoFl system for diagnosing microvascular obstruction (MVO) in heart attack patients immediately after stent placement. The funds will also support an adaptive platform therapy trial to evaluate the effects of localized therapeutic delivery via the CoFl system for heart attack patients diagnosed with MVO.
MVO, which affects more than half of acute heart attack patients, is a significant predictor of heart failure and mortality. Despite its impact, MVO remains underdiagnosed and untreated, leading to poor patient outcomes and contributing to rising healthcare costs.
CorFlow’s CoFl system is designed to provide real-time, accurate detection of MVO while the patient is still in the catheter laboratory following stent implantation. The system also enables the localized delivery of therapeutic agents to the microvasculature upon diagnosis of MVO. Importantly, the CoFl system integrates seamlessly with existing clinical workflows.
“We are excited to have closed this significant funding round with a world-class syndicate of investors,” said Paul Mead, President and CEO of CorFlow. “Recent data from our MOCA I trial and preclinical studies reinforce our confidence that we can improve outcomes for heart attack patients, particularly those with undiagnosed and untreated microvascular disease. The growing body of evidence suggests microvascular conditions are a critical factor in adverse outcomes following heart attacks and other cardiovascular conditions.”
The MOCA II IDE trial, led by Dr. Tim Henry at The Christ Hospital in Cincinnati, will enroll several hundred STEMI patients undergoing stent implantation. The study will compare the CoFl system’s dynamic diagnostic measurements with the current gold standard, post-procedure Contrast Enhanced Cardiac MRI (CMRI), to evaluate its accuracy in diagnosing MVO. This trial builds on insights from CorFlow’s MOCA I study conducted in Switzerland, Latvia, and the UK.
David Prim of Broadview Ventures expressed optimism about CorFlow’s potential, stating, “There is increasing recognition of MVO’s impact on patient outcomes following coronary revascularization. CorFlow could represent the next breakthrough in treating coronary artery disease.”
Barbara Castellano of Panakes Partners added, “CorFlow’s innovative technology, designed by clinicians for clinicians, aims to generate the robust clinical data needed to bring this therapy to patients swiftly. We are committed to advancing the field of microvascular disease.”
In addition to MOCA II, the funding will support a European trial led by Dr. Giovanni Luigi De Maria (Oxford University Hospitals Trust) and Professor Colin Berry (University of Glasgow), assessing the impact of localized therapeutic delivery on patients diagnosed with MVO. The trial will evaluate both clinical and imaging outcomes over a six-month period.
Frederik Groenewegen of 415 Capital remarked, “Heart attack outcomes have plateaued in recent years. We believe that real-time MVO diagnosis and targeted therapy could save countless lives in the future. With this strong investor backing, we can now gather the data needed to establish a new standard of care for heart attacks.
