Supira Medical – a clinical-stage Shifamed portfolio company – announced the completion of an oversubscribed Series E financing round, raising $120 million to accelerate the company’s mission of transforming the percutaneous ventricular assist device (pVAD) market. The funding round was led by new investors Novo Holdings and Qatar Investment Authority (QIA), along with participation from two undisclosed strategic investors. Existing investors participated, including Cormorant Asset Management and The Capital Partnership (TCP), 415 Capital, AMED Ventures, PA MedTech VC fund, and Unorthodox Ventures.
The funding will be used to expand Supira’s clinical programs for both high-risk percutaneous coronary intervention (HRPCI) and cardiogenic shock (CS). And this clinical expansion includes the SUPPORT II U.S. Pivotal Study for HRPCI, which will be used to seek FDA PMA approval.
The company also recently completed enrollment of its U.S. SUPPORT I Early Feasibility Study (EFS), enrolling a total of 15 patients across four clinical sites. And the prospective, single-arm clinical study evaluated the safety and feasibility of Supira’s innovative pVAD in patients undergoing HRPCI.
pVADs are important for supporting cardiovascular function during HRPCI, especially in patients with complex coronary anatomy, compromised hemodynamics, and multiple comorbidities. And they are also used in cardiogenic shock, a high-mortality condition where the heart is too weak to pump sufficient blood to vital organs, usually resulting from a heart attack or heart failure. The Supira System is an investigational device and is not approved for sale in the U.S. or anywhere in the world.
Piper Sandler acted as exclusive financial advisor and Sidley Austin acted as legal counsel to Supira Medical in this transaction.
KEY QUOTES:
“We are grateful for the continued confidence and support from our current investors and delighted to welcome new world-class investors to this financing consortium. This significant capital raise underscores the team’s tremendous progress as we look forward to exciting opportunities ahead of us to improve clinical outcomes for both HRPCI and cardiogenic shock patients.”
– Dr. Nitin Salunke, President and CEO of Supira Medical
“We believe there is a massive unmet need for next-generation ventricular support devices to promote myocardial recovery and improve peripheral organ perfusion in HRPCI and CS patients,” stated Dr. Shen. “The Supira team has built a strong clinical foundation to further validate their advanced low-profile, high flow technology platform in two important segments of interventional heart failure, and we are pleased with their excellent progress bringing this therapy closer to market.”
– Dr. Christopher Shen, Partner at Novo Holdings US who joined the Board of Directors
