Use of Proceeds to Advance Development of a Novel Catheter-based Solution for Mitral Regurgitation
Nyra is developing a transcatheter technology, which modifies the native mitral valve leaflets with a proprietary implant. (Credit: Kenny Eliason on Unsplash)
Nyra Medical, Inc., a medical device company that is developing a novel transcatheter mitral valve repair technology, today announced the closing of a $20 million Series A financing. The round was co-led by Vensana Capital and a large, global medical device company, alongside additional investors Broadview Ventures, Epidarex Capital, and the Georgia Research Alliance Venture Fund. Proceeds from the financing will be used to support Nyra’s technology through early feasibility clinical studies.
Nyra is developing a transcatheter technology (CARLEN), which modifies the native mitral valve leaflets with a proprietary implant, to correct for deficiencies that otherwise lead to mitral regurgitation, while preserving the physiological valve geometry. “We know today that proper correction of mitral regurgitation in patients surviving with heart failure can reduce mortality and hospitalization rates, with earlier intervention yielding the best results,” says Murali Padala, Ph.D., the inventor of CARLEN, Director of the Carlyle Fraser Cardiothoracic Research Laboratories at Emory University, and founder of Nyra Medical. “CARLEN fills a much-needed gap in safely and effectively correcting mitral regurgitation across different valve anatomies, and offers the benefit of preserving the full range of other transcatheter and surgical treatments as future options. We methodically developed this technology with funding from the Georgia Research Alliance, Coulter Foundation, National Institutes of Health, and the Carlyle Fraser Heart Center at Emory Midtown Hospital, and upon de-risking spun it off into Nyra Medical. We are enthusiastic to partner with this experienced syndicate of investors to build on Nyra’s strong momentum in product development and to advance CARLEN to benefit patients in need.”
“A transcatheter therapy that can optimize efficacy and safety, while maintaining simplicity truly represents the ‘holy grail’ in the treatment of structural heart disease. The team at Nyra has taken this reality to heart, and engineered an elegant device that addresses multiple current needs in the treatment of valvular heart disease”, said Eric L. Sarin MD, Director of the Structural Heart and Valve Program at INOVA Heart and Vascular Institute and co-founder of the company.
“The transcatheter mitral repair market is still in its infancy with significant room for growth ahead. Nyra’s technology presents an elegant treatment solution and is an intuitive next step in the evolution of catheter-based innovations to treat mitral regurgitation. Our team and clinical advisors are highly enthusiastic about the potential for CARLEN as a treatment for mitral valve disease”, said Amrinder Singh, Principal at Vensana Capital.
Source: Company Press Release