CroíValve, a medical device maker focused on tricuspid regurgitation treatment, has raised €8m in a Series A funding round to study its DUO coaptation valve system.

Led by the Halo Business Angel Network (HBAN) MedTech and Irrus Syndicates, the funding round has also seen participation from existing investors.

The existing investors include Atlantic Bridge University Fund, Broadview Ventures, SOSV and Enterprise Ireland and new investors Elkstone, Ascentifi and DBIC.

The company intends to use the funds to support a European feasibility study of CroíValve transcatheter tricuspid DUO coaptation valve system.

CroíValve CEO Lucy O’Keeffe said: “The strong investor support from both existing and new investors highlights the value of the opportunity, technology and progress made to date.

“Azin and Helen bring a huge amount of experience to the team which will be invaluable as we validate the device through clinical studies and remove the limitations in successfully treating all patients in need with TR.”

Tricuspid regurgitation (TR) is a severe heart condition that occurs when the tricuspid valve fails to close properly, resulting in blood being pumped backwards.

CroíValve said that its DUO coaptation valve system offers a novel approach to treating tricuspid regurgitation, by combining superior repair and replacement.

The system contains a coaptation valve implant that works together with the native tricuspid valve to restore valve function.

It is delivered percutaneously and secured using a novel anchor system, without affecting the delicate right heart chamber and native valve apparatus.

The DUO coaptation valve system has been designed to be implanted in a straightforward procedure using standard imaging.

Its advanced approach has already demonstrated positive data in pre-clinical and clinical studies, said CroíValve.

CroíValve was spun-out of Trinity College Dublin, Ireland, in early 2019.