US-based Supira Medical has completed a $120m Series E funding round, with plans to use the capital to advance its position in the percutaneous ventricular assist device (pVAD) market.
A portfolio company of the Shifamed medical technology innovation hub in Silicon Valley, US, Supira Medical is currently assessing the feasibility and safety of its Supira System.
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The solution is indicated for providing temporary cardiovascular haemodynamic support in patients undergoing high-risk percutaneous interventions (HRPCI) and cariogenic shock (CS) procedures.
PVADs are typically used as a bridge towards recovery, transplant, or further intervention in the indicated procedures, and come in the form of small mechanical pumps designed to provide temporary heart function support while a procedure or recovery is underway.
According to GlobalData analysis, the pVAD market is growing at a CAGR of 7.1% and is forecast to reach a valuation of approximately $3.1bn by 2033.
Supira said it plans to use the funding for a pivotal trial of its system and support the future receipt of a post-marketing authorisation (PMA) from the US Food and Drug Administration (FDA).
The Series E round brings Supira Medical’s total funding to around $240m. The round was co-led by new investors the Qatar Investment Authority (QIA) and Novo Nordisk’s investment arm, Novo Holdings. Existing investors such as AMED Ventures, Unorthodox Ventures, and 415 Capital also participated.
Supira Medical president and CEO Dr Nitin Salunke commented: “We are grateful for the continued confidence and support from our current investors and delighted to welcome new world-class investors to this financing consortium.
“This significant capital raise underscores the team’s tremendous progress as we look forward to exciting opportunities ahead of us to improve clinical outcomes for both HRPCI and cardiogenic shock patients.”
As part of the funding round, Dr Christopher Shen, partner at Novo Holdings, has joined Supira’s board.
Shen commented: “The Supira team has built a strong clinical foundation to further validate their advanced low-profile, high-flow technology platform in two important segments of interventional heart failure, and we are pleased with their excellent progress in bringing this therapy closer to market.”
Last month, Getinge, a prominent player in the interventional cardiology space, known for its cardiopulmonary bypass equipment (CPBE), revealed plans to exit the broader surgical perfusion market. According to GlobalData analyst Aidan Robertson, Getinge’s departure from the space should enable LiveNova to maintain dominance in the steadily expanding CPBE market and “take advantage of the opportunity” created by the exit.
In other interventional cardiology news, Israel’s Magenta Medical raised $105m last year to advance its pVAD, also indicated for HRPCI and CS, into clinical trials in the US.
