Procyrion Secures $30 Million Series D Funding to Advance Clinical Trials of Aortix, the First Outpatient-Designed Percutaneous Blood Pump for Heart Failure

VCBeat (WeChat ID: vcbeat) has learned that on July 9, 2019, medical device company Procyrion announced the completion of a $30 million Series D financing round. The round was led by Bluebird Ventures, with participation from Fannin Partners and Scientific Health Development. The funds will be used to support clinical trials of the AORTIX percutaneous blood pump for the treatment of patients with heart failure. To date, Procyrion has raised more than $59 million in total funding.

Procyrion, founded in 2005 and headquartered in Houston, Minnesota, USA, is a medical company specializing in clinical trials for medical devices. The company’s team comprises experienced life science entrepreneurs, engineers, cardiologists, and heart failure specialists. The Procyrion team addresses unmet clinical needs in patients with heart failure by developing innovative and safe percutaneous mechanical circulatory support (pMCS) devices.

The Aortix system is the first catheter-based, implantable intra-aortic blood pump system designed specifically for outpatient use. This device is intended to reduce cardiac afterload (the pressure load encountered by the left and right ventricles following myocardial contraction, corresponding to aortic pressure and pulmonary artery pressure, respectively), pump intra-aortic blood flow, and accelerate perfusion to peripheral organs such as the kidneys. This mechanism not only improves blood flow to vital organs but also alleviates the pressure impedance faced by the heart post-contraction, thereby allowing the heart to rest and receive therapeutic benefit.

Image source: Procyrion official website

The Aortix system was designed by cardiologist Dr. Reynolds Delgado, Medical Director of Mechanical Support for Heart Failure at the Texas Heart Institute. Procyrion won the 2018 Global Healthcare and Pharma Awards for Most Innovative Heart Pump Technology with its catheter-deployed circulatory support device, Aortix. The award recognizes contributions made by organizations and individuals operating in some of the world’s most critical industries.

“More than 1 million patients in the United States are hospitalized annually for acute decompensated heart failure, with 25–30% experiencing worsening renal function. Currently, there is significant room for improvement in the treatment of these conditions,” said Dr. Eric Fain, President and Chief Executive Officer of Procyrion, in a statement. “The Aortix device is uniquely designed to be implanted within the body, reducing cardiac workload and improving renal function. This funding will enable substantial progress in our program, allowing us to evaluate the ability of the Aortix system to improve outcomes in patients with cardiorenal disease in pilot studies.”

“Procyrion’s Aortix device offers an elegant solution for managing heart failure, a serious and difficult-to-treat condition,” said Jeff Bird, Managing Director of Bluebird Ventures. “We are excited to collaborate with this experienced team as we initiate clinical testing.”

Bluebird Ventures, established in 2014, is an early-stage life sciences venture capital firm based in Silicon Valley. Dr. Jeff Bird, Managing Director of Bluebird Ventures, is a venture investor who previously served as an executive at Gilead Sciences and held board positions at Forty Seven, Portola Pharmaceuticals, and several private companies.

Fannin Partners, established in 2005 and headquartered in Houston, Texas, USA, is an early-stage life sciences development organization dedicated to building a thriving and sustainable life sciences entrepreneurship ecosystem in Houston. Led by an experienced management team with diverse business backgrounds, commercialization expertise, and strong entrepreneurial knowledge, Fannin collaborates with promising life sciences innovators to co-found and manage startups. Fannin provides its portfolio companies with central office space, seed capital, and access to a resource network.

Scientific Health Development (SHD), established in 2006, is a boutique investment firm based in Dallas, Texas. SHD is dedicated to investing in early-stage innovative healthcare-related technologies and products.

(Compiled by Cheng Tao)