Cardiovascular disease is the biggest killer in the developed world and it is estimated that there are 1.6 million heart attacks per year in the European Union. Inflammatory atherosclerotic processes lead to high-risk plaque in coronary arteries, the major cause of heart attack. It occurs in patients with a coronary plaque lesion that currently is not severe with little to no symptoms, and is hard to diagnose at-risk patients. Also, the use of stents to treat high-risk plaque carries particular risks and uncertain outcomes.
Belgium-based CryoTherapeutics, a biotech company is developing a treatment (catheter system) for interventional cardiologists to address these problems. Now, the company has raised €10 million in a Series B extension round with equity and non-dilutive funding.
The investment came from the Belgian public investor Noshaq (invested in DeuterOncology and RISORCE), existing investors – Yellowstone Holding, Peppermint Venture Partners, NRW. Bank, and KfW, and new investors – Innomedical, GED Ventures, and a prominent high net-worth individual.
The proceeds will support additional clinical evaluation of its novel technology based on innovative cryotherapy to treat inflamed atherosclerotic plaque. Furthermore, the funding will facilitate the development of its next-generation catheter system for advanced clinical studies and early commercialisation and the expansion of its team in Liège.
Next-gen intravascular catheter system
CryoTherapeutics was founded by John Yianni, a Board member of several medical device companies, founder and board member of Reverse Medical, and Partner at Earlybird Venture Capital Health Fund.
It has developed an intravascular catheter that is inserted into the coronary artery for delivery of cryoenergy at temperatures between –10° to – 20°C, and a console controls the delivery of a cooling agent to achieve the required temperature for effective cryotherapy. The cryotherapy of the high-risk plaque can stabilise the plaque and could prevent the rupture of the lesion and the subsequent heart attack.
In-human studies
Recently, the company carried out first-in-human studies with follow-up in patients with an inflamed plaque. It will be presenting early human data at the forthcoming CRT meeting in Washington DC in the Innovation Session, and also during Innovators Day at EuroPCR in Paris in May.
“Within the last 12 months, we have been able to successfully initiate our clinical programmes and have generated some very promising early data showing the safety and feasibility of our technology in patients with inflamed (vulnerable) plaque. We have also been able to perform follow-up CT scans on our first patients to follow the progression of their disease and to evaluate the effects of cryotherapy,” said John Yianni, CEO of CryoTherapeutics.
“Recent breakthroughs in non-invasive imaging, in particular CT scanning, together with the ability to characterise plaque composition and blood flow in the coronary artery system now enables us to target regions of the coronary artery tree that can benefit from this new technology thus potentially stabilising vulnerable plaque and preventing future heart attacks” said Dr. Carlos Collet of CoreAlst, the corelab involved in the analysis of the CryoTherapeutics clinical data.
Eric Brandt of Noshaq commented: “We are very happy with the early clinical data using this potentially groundbreaking technology and along with the other existing investors in the Company we are very happy to continue supporting CryoTherapeutics and to also welcome new investors that share our vision for this innovative technology and Company”.
Joachim Rautter of Peppermint Venture Partners added: “It is amazing to see your initial investment hypothesis come to fruition. As one of the earliest investors in CryoTherapeutics we were always confident that this disruptive technology would prove beneficial for the patients, which is now becoming visible with this exciting clinical data.”
Bibi Sattar Marques, Partner at GED Ventures, expressed: “We are delighted to extend a warm welcome to CryoTherapeutics as the newest addition to our portfolio. This strategic partnership underscores our steadfast belief in the transformative potential of its cutting-edge technology. We firmly believe that these advancements will not only elevate the standard of patient care but also serve as a catalyst for remarkable progress in medical treatment modalities. At GED Ventures, we are fully committed to championing pioneering innovations that possess the capacity to reshape entire industries and drive meaningful impact in healthcare and beyond”.
