French medical device firm CorWave has secured $40m funding in a Series C financing round, to support the development of its implantable heart pump.

The financing round saw existing investors Bpifrance, Novo Holdings, Seventure, Sofinnova Partners and Ysios Capital significantly increasing their stake in the company.

Also, new investors Financière Arbevel and the Singaporean family office M&L Healthcare have joined the existing investors and EIC Fund, financed by the European Commission.

CorWave is developing a left ventricular assist device (LVAD), by leveraging its advanced wave membrane pump technology.

With the new financing, the company intends to finalise the development of its product, expand manufacturing, conduct regulatory testing required for human implants, and begin the clinical trials in humans.

CorWave CEO Louis de Lillers said: “This $40m round gives us the means to achieve our ambitions. We are already at work to build our manufacturing and clinical teams. This is the result of the perseverance of the ‘CorWavers’ who are working tirelessly to change the lives of heart failure patients.

“They have developed the most advanced circulatory support system in the world. I would also like to acknowledge the work of Zina Hamoumi, our CFO, who has been instrumental in this transaction.

“We are very pleased with the renewed support of leading healthcare funds and the arrival of new shareholders, including EIC Fund, which is making its first equity investment.”

CorWave develops cardiac assist devices using wave membrane technology

CorWave said that it develops advanced cardiac assist devices by leveraging disruptive wave membrane technology, which helps LVADs generate natural pulse, replicate blood flow and pressure characteristics of human heart.

The advanced membrane pump technology aims to reduce complications related to current devices and help improve the care of patients with heart failure, said the company.

The company claimed that its advanced technology offers superior physiologic design to its products compared to other available LVADs.

Furthermore, CorWave has previously secured more than $55m equity and non-dilutive funding prior to the Series C fnding.

CorWave board of directors chairman and Sofinnova Partners venture partner Gérard Hascoët said: “CorWave has built an international team of excellence that has achieved critical R&D milestones.

“The company is now in a very good position to seize a multi-billion-dollar market opportunity. On behalf of the existing investors, I am very excited to continue to support CorWave in this new phase of growth.”