CryoTherapeutics Secures €7 Million in Series B Funding to Advance Cryotherapy into Clinical Trials for Coronary Artery Disease

On June 27, 2019, VCBeat (WeChat ID: vcbeat) learned that the German biotechnology company CryoTherapeutics announced the completion of a €7 million Series B financing round. The round was led by the Belgian public investor Noshaq (formerly Meusinvest), with participation from Peppermint Venture Partners, Creathor Ventures, and Getz Brothers. The proceeds from this financing will be used to advance the company’s clinical trials on cryotherapy for coronary artery plaque and to establish operations at its new facility in Belgium.

CryoTherapeutics was founded in December 2009 by a team of entrepreneurs from the United Kingdom, the United States, and Canada, with its headquarters located in Germany. The company’s initial seed funding was provided by the founders and the private investor High-Tech Gründerfonds.

CryoTherapeutics’ core business is the development and commercialization of its proprietary cryotherapy system for treating coronary artery disease, a leading cause of heart attacks. The company’s flagship product is an intravascular catheter that delivers anti-inflammatory medications to coronary arteries at subzero temperatures, aiming to stabilize plaques that might otherwise progress and trigger myocardial infarction.

“I am thrilled by the potential of this technology in treating atherosclerotic disease. This round of financing will support our next phase of clinical trials. Our technology will provide cardiologists with a novel therapeutic approach. In addition to our existing investors, we are delighted to have secured support from Noshaq,” said John Yianni, CEO of CryoTherapeutics. “This will enable us to create a series of job opportunities in the near term.”

“CryoTherapeutics is the first to apply cryotherapy in the treatment of coronary artery disease. This financing will support the company’s upcoming clinical trials, which focus on preventing heart attacks,” said Dr. Joachim Rautter, Executive Partner at Peppermint Venture Partners.

Karlheinz Schmelig, Partner at Creathor Ventures, stated, “This technology, combined with intravascular imaging, has the potential to prevent plaque rupture in the future, thereby preventing heart attacks.”

“CryoTherapeutics has the potential to significantly impact the treatment of coronary artery disease through the use of non-implantable technologies, thereby avoiding complications associated with current therapeutic techniques. We look forward to further collaboration with the company in the field of cardiology,” said Joanna Tyrekidis, Investment Manager at Noshaq.

Noshaq (formerly Meusinvest) was established on January 9, 1985, and is headquartered in the Liège region of Belgium. Noshaq is a company that provides funding and other services to small and medium-sized enterprises (SMEs) in the Liège region. Over the years, Noshaq has developed a series of investment programs based on market demands, trends, and its strategic objectives. Each service offered by Noshaq is tailored to meet the specific needs of investors.

Peppermint Venture Partners (PVP), a private venture capital firm based in Berlin, Germany, was founded in 2010 by Ingeborg Neumann, Dr. Joachim Rautter, and Dr. Klaus Stöckemann. The company focuses on investing in companies in fields such as medical devices, digital health, and platform technologies. Peppermint Venture Partners provides not only financial support but also expertise and technical assistance.

Creathor Ventures, a venture capital firm founded in Germany in 2003, is dedicated to investing in technology-driven companies and actively advancing the personalization and digitalization of healthcare, as well as industrial and commercial automation. The 15-member team currently supports more than 30 technology and healthcare companies. Since its inception, Creathor Ventures has provided funding to over 200 companies, with more than 20 of them listed on international stock exchanges. The firm currently manages assets exceeding €230 million.

(Compiled by Cheng Tao)