CryoTherapeutics GmbH Completes an Extension to Its Series A Financing Round
Bringing the Total to EUR 6.5 million
COLOGNE, GERMANY -- (Marketwired) -- 05/06/14 -- CryoTherapeutics
GmbH (CryoTherapeutics), the developer of a proprietary cryotherapy
system for use in the treatment of coronary artery disease, announced
today that it has completed an extension to its Series A financing
round led by Peppermint Venture Partners (PVP) via its Charite
Biomedical Fund with participation by existing investors NRW.BANK,
Rainer Christine Asset Management GmbH, High-Tech Gruenderfonds
(HTGF) and Getz Brothers. New investor KfW also participated in the
CryoTherapeutics was established in December 2009 in Germany by a
team of experienced serial entrepreneurs and is focusing on
developing a novel catheter system, which utilizes cryoenergy to
treat and prevent heart attacks. The initial objective of the Company
is the demonstration of the clinical benefit in the treatment of
heart attack patients using this catheter-based system that will be
utilized by interventional cardiologists.
Maurice Buchbinder MD, Chief Medical Officer of CryoTherapeutics,
stated, "Given the potential anti-inflammatory effect of cryoenergy
in the vascular space, particularly when applied to ruptured plaque
in the setting of heart attack, catheter-based cryotherapy may
stabilize the culprit lesion promoting optimal healing with
restoration of vascular function within days. This critical
restoration may reduce the dependence on adjunctive pharmacotherapy,
allow vasomotility and perhaps reduce recurrent events."
John Yianni PhD, Managing Director, commented, "We are delighted to
announce this extension of our Series A financing which enables
CryoTherapeutics to continue the development of our cryosystem for
demonstrating the safety of this new treatment option for heart
attack patients in a first-in-man study."
Joachim Rautter PhD, Managing Partner of PVP, stated, "We are very
pleased to continue to support this exciting technology with a
substantial injection of additional funding to allow the Company to
accelerate its development programmes to achieve initial clinical
validation for its cryotherapy technology. We believe the field of
interventional cardiology will benefit from therapeutic technologies
that do not require implantation of foreign materials inside coronary
arteries and we are very excited by the prospect that
CryoTherapeutics' technology can potentially offer for the treatment
of atherosclerotic plaque."
About CryoTherapeutics GmbH: The focus of the company is the
development, demonstration of clinical benefit, and commercialization
of cryotherapy systems for the treatment of coronary artery plaque.
About Peppermint VenturePartners: PVP is a Berlin-based venture
capital company investing in young healthcare companies with a focus
on medical devices, mainly within Europe, that have successfully
demonstrated a first proof-of-concept for their technology, product
or services. At the end of 2010 PVP, in association with the Charite
Foundation, launched the new Charite Biomedical Fund (CBF). In the
framework of its established collaboration with the Charite -
Universitaetsmedizin Berlin, PVP has access to the proprietary
network and evaluation platform of one of the largest medical schools
in Europe and to its international partners. PVP currently manages
funds exceeding EUR 50 million.
About High-Tech Gruenderfonds
High-Tech Gruenderfonds invests in
young, high potential high-tech start-ups. The seed financing
provided is designed to enable start-ups to take an idea through
prototyping and to market launch. Typically, High-Tech Gruenderfonds
invests EUR 500,000 in the seed stage, with the potential for up to a
total of EUR 2 million per portfolio company in follow-on financing.
Investors in this public/private partnership include the Federal
Ministry of Economics and Energy, the KfW Banking Group, as well as
strategic corporate investors including ALTANA, BASF, Bayer, B.
Braun, Robert Bosch, CEWE, Daimler, Deutsche Post DHL, Deutsche
Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH &
Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss.
High-Tech Gruenderfonds has about EUR 576 million under management in
two funds (EUR 272 million HTGF I, EUR 304 million HTGF II).
Dr. John Yianni
Gottfried-Hagen Str. 62
51105 Koln / Germany
Telephone: + 49 173 5764664
Peppermint VenturePartners GmbH
Dr. Joachim Rautter
10719 Berlin / Germany
Phone: +49 30 590064 411
High-Tech Grunderfonds Management GmbH
Schlegelstrasse 2 - 53113 Bonn
Phone: +49 228 823001-12
Press spacebar to pause and continue. Press esc to stop.