Procyrion Raises $58M for Percutaneous Heart Pump

It's for patients with acute decompensated heart failure.

Aortix 2

Procyrion, a medical device company dedicated to improving outcomes for patients with cardiac and renal impairment, announced today the completion of a $57.7 million Series E funding round, including the conversion of $10 million of interim financing. These funds will be used to support the ongoing DRAIN-HF pivotal IDE trial evaluating the Aortix percutaneous mechanical circulatory support (pMCS) device in patients with acute decompensated heart failure (ADHF) who remain congested despite standard medical therapy (cardiorenal syndrome or CRS).

In addition, funds will support internal programs to improve product manufacturability and to prepare for commercialization. The round was led by Fannin Partners in partnership with new and existing family/multi-family office investors. The Series E financing also included significant participation from returning investors including Bluebird Ventures and an undisclosed strategic investor.

Patients with CRS, which is characterized by resistance to standard of care intravenous diuretic therapy, experience a negative cycle where the underlying heart failure leads to reduced blood flow to the kidneys, causing the kidneys to become less effective at removing excess fluid from the body, which further stresses the heart. Effective treatment options for CRS are lacking, as evidenced by up to a 25% rate for heart failure rehospitalization or mortality at 30 days for those patients who remained clinically congested after 96 hours of standard of care medical therapy and were discharged from the hospital.

"Approximately 500,000 patients in the US who are admitted to the hospital with cardiorenal syndrome are unable to be successfully treated with current available therapies and suffer high rates of mortality and heart failure rehospitalization," said Leo Linbeck III, Chairman and Founder of Fannin Partners and a Procyrion Board Member. "We are pleased to lead this round as we see enormous commercial potential for Aortix and look forward to seeing the results of the DRAIN-HF study with the goal of demonstrating improved patient outcomes, which should also reduce the burden on the overall healthcare system."

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