Bayern Kapital: Insgesamt EUR 51 Mio. for TRiCares
Landshut/Munich/Paris — Bayern Kapital is taking a significant million euro stake in Paris-based TRiCares SAS, whose wholly owned subsidiary, TRiCares GmbH of Aschheim near Munich, employs around 20 highly qualified staff in Bavaria, using resources from the Bavaria 2 growth fund. The German-French MedTech start-up is developing the medical device Topaz, a catheter-based heart valve replacement system, to better treat severe tricuspid regurgitation.
The investment was made in the course of the second closing of a transaction already announced in September. Series C financing round with a total volume of EUR 47 millionwhose investors include, in addition to the lead investor 415 Capital also Go Capital, Karista, Credit Mutuel Innovation, Wellington Partners, Andera Partners, Biomedinvest as well as a Consortium of private investors around the company founder Pascal Lim.
Heart valve disease is one of the most serious heart diseases, affecting more than 12.7 million patients in Europe and many more worldwide. Although minimally invasive catheter-based solutions for the treatment of aortic and mitral valve disease have been developed in recent years, none have been developed specifically for the tricuspid valve. Tricuspid valve regurgitation is a common and serious condition for which open-heart surgery and symptomatic pharmacologic treatment are the standard treatment options. However, due to the high mortality risk, open-heart surgery is ruled out for more than 99% of diseased individuals — the average survival time for patients without surgical treatment is only 2.2 years.
TRiCares’ Topaz transfemoral heart valve replacement system promises to be a medical milestone in the treatment of tricuspid regurgitation. The innovative medical device was developed specifically for patients with severe tricuspid regurgitation to avoid risky open heart surgery. Topaz is the result of a French-German collaboration and is implanted from the patient’s femoral vein in a lower-risk minimally invasive procedure. It is specifically designed to fit the anatomy of the tricuspid valve for easy positioning and high functionality. The prospects of patients for whom there are no other treatment options can thus be significantly improved.
The Company plans to use the new funding from the completed Series C round initially to cover the costs of the currently ongoing first-in-man clinical trial of Topaz (TRICURE FIH trial) in Belgium, as well as for the potential submission of the same in other European countries. However, the new capital will primarily be invested in the further development of the product and to conduct a registration trial in the USA. To this end, TRiCares 2023 is initiating an early feasibility study in five U.S. centers.
Helmut Straubinger, President and CEO of TRiCares, says: “The successful financing reflects the enormous potential of the Topaz heart valve replacement system, our continuous progress in its development and the great confidence of our investors. We are doing everything we can to prove our very good results to date in clinical trials in other European countries and also in the U.S., so that we can then offer this much-needed solution to all patients suffering from severe tricuspid regurgitation.”
Bavaria’s Minister of Economic Affairs Hubert Aiwanger adds: “Together with the European Investment Bank (EIB), we have endowed the Bavaria 2 Growth Fund with 165 million euros to support high-tech start-ups in the development phase. One of our goals here is to ensure that such companies continue to remain in Bavaria and do not have to migrate due to a lack of funding. The example of TRiCares shows how dynamic and innovative our Bavarian ecosystem for start-ups is.”
“Tricuspid valve surgeries are among the riskiest curative procedures, with a large proportion of affected patients deemed unsuitable due to high mortality rates,” explains Dr. Georg Ried, Managing Director of Bayern Kapital. “With Topaz, TRiCares is developing an innovative product with excellent potential to fill this major gap in the treatment of valvular heart disease. We are very pleased to support TRiCares on its further course towards market approval.”
“We believe that the technology developed by TRiCares has the potential to establish itself as the gold standard in the treatment of patients with tricuspid regurgitation and to restore the quality of life of millions of patients in the long term,” commented Frederik Groenewegen, managing partner of 415 Capital. “We are impressed with the initial clinical cases with the Topaz system and look forward to helping the team bring this novel therapy to patients in the U.S. and Europe.”
TRiCares is a medical device start-up based in Paris and Munich with a vision to bring a transfemoral tricuspid valve replacement system to market. This is intended to help patients with severe tricuspid regurgitation (TI) without the need for open heart surgery. TRiCares’ experienced team is supported by leading European life science venture capital firms 415 Capital, Andera Partners, Bayern Kapital, BioMedPartners, Credit Mutuel Innovation, GoCapital, Karista and Wellington Partners.
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, is the venture/growth capital company of the Free State of Bavaria. It accompanies innovative high-tech companies in the Free State through various growth phases, from seed to later stage, with equity capital in the amount of 0.25 to 25 million euros. Bayern Kapital often fills gaps in the VC sector in proven consortium constellations with private investors (business angels, family offices and corporate ventures).
Bayern Kapital manages specialized investment funds with a volume of around 700 million euros. Since its foundation in 1995 on the initiative of the state government, the wholly owned subsidiary of LfA Förderbank Bayern has so far invested around 400 million euros of its own equity capital in around 300 start-ups and scale-ups in sectors such as life sciences, software & IT, materials & new materials, nanotechnology and environmental technology. As a result, more than 8,000 jobs have been permanently created in Bavaria in sustainable companies. The active portfolio currently comprises over 80 companies.
Examples of numerous groundbreaking success stories that Bayern Kapital has been involved in early on include EOS (today the world’s leading technology provider in industrial 3D printing of metals and plastics), Proglove, Fazua, SimScale, Scompler, egym, Parcellab, Cobrainer, Quantum Systems, Casavi, Theva, Riskmethods, Tubulis, Catalym, Immunic, Sirion and many more.