Earlybird announces the completion of a Series A financing round of € 6 million in Miracor GmbH based in Vienna. Miracor has developed the PICSO (Pressure-controlled Intermittent Coronary Sinus Occlusion) medical device to benefit patients being treated for heart attacks or in heart failure. The round was led by Earlybird and Delta Partners from Ireland. The Series A funding will be used to conduct additional clinical trials and gain CE marking for the PICSO system.
Of the 59 million people worldwide who suffer from heart disease, more than 20% could benefit from PICSO therapy. The therapy has been extensively researched in pre-clinical and clinical studies and the results have consistently demonstrated positive outcomes in damaged heart tissue.
Miracor GmbH was founded by Prof. Dr. Dr. Werner Mohl, a cardiac surgeon at the Medical University of Vienna. Jon H. Hoem, the newly appointed CEO, is a seasoned medical device industry executive with 20 years’ experience in the cardiac business. Jon said: “I am very excited about this opportunity. I have known Werner for 20 years and I believe this technology really has the potential to revolutionize the treatment of diseased hearts. With the backing of Earlybird and Delta Partners, we have not only secured an excellent international investment syndicate but gained access to their world class network and knowledge in the medical device field.”
Commenting on the investment, Earlybird Partner, Thom Rasche said, “This therapeutic approach has the potential to help millions of patients. We look forward to supporting the management team in building the company and launching the technology with clinical opinion leaders globally. We are very pleased to make this investment as it is an ideal fit with our investment criteria where a prototype has been developed and the technology is clinically validated. Miracor has a broad patent portfolio, a new and very experienced management team and addresses a big unmet clinical need.” Thom Rasche will take a seat on the Miracor board.
Joey Mason from Delta Partners commented, “We are very excited by the potential for the PICSO medical device. We look forward to supporting the team as they bring the therapy through the development process and to the market in the coming months and years.”
Miracor is the seventh technology investment made by, the Earlybird 2007 Fund. Other investments are Sidec Technologies (www.sidec.com), Smava (www.smava.de), Smoodoos (www.smoodoos.com), Purplelabs (www.purplelabs.com), LightBlueOptics (www.lightblueoptics.com) and CleanMobile AG (www.clean-mobile.com).
Earlybird Venture Capital, established in 1997, is one of Europe’s leading technology investors. Earlybird seeks to invest in companies led by outstanding people who are building technology enabled scalable companies for fast growing international markets. Earlybird invests primarily in early stage technology companies with a large business perspective, sourced from German speaking countries as well as the Nordics, France, Benelux and selectively the UK. The current investment focus includes software, semiconductor, communication, internet services, cleantech and medtech.
The Earlybird team creates value by understanding their target investment sectors well, adding their operational, entrepreneurial and financial expertise and working closely with each management team. Earlybird strongly supports the development of each company by professionalizing and shaping management teams, providing strategic and product advice, creating international investor syndicates, effecting corporate introductions and being closely involved in achieving appropriate exits.
Six of Earlybird’s high-tech investee companies have floated on various European stock exchanges: Interhyp, Tipp24 and Wilex (all Prime Standard, Frankfurt), Esmertec (Swiss Exchange, Zurich), Entelos (London Stock Exchange) and NoemaLife (Borsa Italiana, Milan). In addition, Earlybird supported element 5 in its acquisition by Digital River, Identify in its acquisition by BMC Software, Alantos in its sale to Amgen for $300 million and AbaXX in its sale to Cordys. and dooyoo in its sale to LeGuide.com.
For further information, please contact:
Daniela von Wedel
Earlybird Venture Capital Van-der-Smissen Str. 3 22767 Hamburg Germany Telephone: +49 40 432941-0 Fax: +49 40 432941-29