- TRiCares will use the Series D financing to support its next clinical milestones for its transfemoral tricuspid heart valve replacement system, Topaz, in the US and EU.
- The financing round was raised from a single, strategic investor.
- Proceeds will support the completion of an Early Feasibility Study (EFS) in the US, the initiation of a pivotal trial in Europe, and advancing additional valve sizes for Topaz, as well as a next-generation delivery system.
- Andera Partners invested in TRiCares in 2018 as part of a Series B financing round and participated in a $55 million (approximately €51 million) Series C financing round in 2022, alongside investors such as 415 Capital, Bayern Kapital, BioMed Partners, Credit Mutuel Innovation, GOCapital, Karista, and Wellington Partners.
Andera Partners, a leading European private equity player, announced today that its portfolio company TRiCares, a privately held pioneer in the field of minimally invasive treatment of tricuspid regurgitation, has raised $50 million (approximately €46 million) in a Series D financing round. The round was raised from a single, strategic investor. The proceeds from this financing will primarily be used to support the company through upcoming US and EU clinical milestones for its transfemoral tricuspid heart valve replacement system, Topaz. This would include the completion of an Early Feasibility Study (EFS) in the US, the initiation of a pivotal trial in Europe, and advancing additional valve sizes for Topaz, as well as a next-generation delivery system. Andera Partners had previously participated in a $55 million (€51 million) Series C financing round, alongside 415 Capital, BioMed Partners, Credit Mutuel Innovation, GOCapital, Karista and Wellington Partners.
TRiCares recently secured Investigational Device Exemption (IDE) for an EFS from the United States Food and Drug Administration (FDA). The study will commence in the coming months, with patients to be enrolled at up to 8 potential sites in the United States and Canada, overseen by leading principal investigators Susheel Kodali, MD (NewYork-Presbyterian/Columbia University Irving Medical Center) and Gorav Ailawadi, MD (University of Michigan Health System).
Preparations at potential sites are underway, with the completion of the study set to lay the foundations for an IDE Pivotal trial in the US. Alongside these US clinical programs, work continues apace with EU clinical investigations – with the ongoing first-in-human trial nearing completion, and an EU Pivotal (CE mark) trial commencing soon.
Ahmed Elmouelhi, President & CEO of TRiCares, stated: “I’m thrilled that we have secured this significant financing at such an important stage for the business. This financing builds on previous investments from leading European life science venture capital firms, to whom we are grateful for their ongoing support and counsel. We remain focused on improving treatment options for tricuspid regurgitation patients worldwide with our Topaz valve and look forward to providing updates on patient enrollment in the US, alongside our efforts in Europe.”
Dr. Sofia Ioannidou, Partner at Andera Partners in Paris and member of the TRicares advisory board, added: “Today, we welcome a significant investment in our portfolio company TRiCares, that is developing an innovative solution for the many patients suffering from tricuspid regurgitation. The current financing should enable Tricares to reach important clinical milestones ahead and bring its product one step closer to patients.”
Dr. Olivier Litzka, Partner at Andera Partners in Munich and advisory board observer, commented: “For years, Andera Partners has been at the forefront of medtechinvestments in heart valve innovation. Our sustained support of our French-Germany portfolio company, TRiCares, underscores our commitment for medtech innovation,and the success of French and German collaborative engineering”.
Tricuspid regurgitation (TR) is a serious cardiac condition affecting more than 1.8 million patients in the US, for which the current standard treatment options are open heart surgery or supportive care. However, open heart surgery is not suitable for most patients with TR, due to its high mortality risk. Topaz is an innovative, minimally invasive device designed specifically to aid patients suffering from severe TR, without the need for open heart surgery. To date, more than 25 Topaz implantations have successfully been performed across Europe and Canada.