CryoTherapeutics announces €10 Million Series B extension round and promising clinical data for its innovative cryotherapy system to prevent heart attacks
Press release, 02 April 2024 – Liège, Belgium
CryoTherapeutics, a medical device company based in Liège (BE) announces that it has secured funding as extension to its Series B round of €10M, with equity and non-dilutive funding. The proceeds will be used to 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 commercialization, as well as the expansion of its team in Liège.
Established by a team of serial entrepreneurs from the UK, US and Canada, CryoTherapeutics has developed a technology comprised of an intravascular catheter that can deliver at its tip sub zero temperatures to treat inflamed areas of the coronary artery with the aim of stabilising lesions that could otherwise rupture and cause heart attack. All operations of the company are managed locally in Liège, Belgium, in collaboration with top level partners and with the continued support from the Walloon region.
The Company has recently carried out first-in-human studies with follow up in patients with inflamed plaque and 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” says Dr. John Yianni, CEO of CryoTherapeutics.
“Recent breakthroughs in non invasive imaging, in particular CT scanning, together with the ability to characterize 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 stabilizing vulnerable plaque and preventing future heart attacks” said Dr. Carlos Collet of CoreAlst, the corelab involved in the analysis of the CryoTherapeutics clinical data.
Participants in the financing were the Belgian public investor Noshaq, existing investors including Yellowstone Holding, Peppermint Venture Partners, NRW. Bank and KfW, and new investors Innomedical, GED Ventures and a prominent high net worth individual.
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".
About CryoTherapeutics
CryoTherapeutics was established by a team of serial entrepreneurs from the UK, US and Canada with initial seed funding by High-Tech Gründerfonds, the founders and private investors. The focus of the company is the development, demonstration of clinical benefit, and early-stage commercialization of cryotherapy systems for the treatment of coronary plaque. The safety and efficacy of cryoenergy in medical applications and also in the cardiovascular system has been demonstrated and CryoTherapeutics intends to extend the benefits of cryoenergy to the problem of diseased coronary arteries.
The Company’s technology is comprised of an intravascular catheter that can deliver at its tip sub zero temperatures to treat inflamed areas of the coronary artery with the aim of stabilising lesions that could otherwise rupture and cause heart attack.
About Yellowstone Holding AG
Yellowstone Holding AG (‘Yellowstone’) is a Swiss investment company with strong Asia network, focusing on European med-tech startups with breakthrough innovation. Yellowstone is positioned as a strategic investor, aiming to bridge and integrate portfolio companies with supply chains and resources among the EU, Switzerland and Asia.
About Noshaq
Noshaq is an investment fund and project developer with a portfolio of 477 companies. Noshaq is the reference financial partner for the creation and development of SMEs in the Liege region. Over the years, Noshaq has developed a variety of financing vehicles, which are fully in line with market needs and trends, as well as its strategy. All services offered by Noshaq are always designed according to the needs and requirements of the client investor. The goal is to ensure that, at all times, we have a lever effect on the development of his business.
About Peppermint Venture Partners
Peppermint Venture Partners (PVP) is a private Venture Capital firm based in Berlin, Germany. We are dedicated to supporting outstanding entrepreneurs and innovative scientists in transforming life science. Along the continuum of care, PVP matches excellence in technology with excellence in business execution. PVP invests in disruptive and novel solutions that bring increased efficiency, improved accessibility, cost containment, and digitization of the healthcare system and the life science industry. We firmly believe that investing in life science is much more than just providing funding for start-ups. Integrity, fairness, commitment, teamwork, diversity and complying with ESG are therefore strong pillars of our investment decisions.
About GDE Ventures
GED group is an independent and international financial group, established in 1996, with a unique value proposition, proven, consolidated, and based on ESG-friendly ethos, present since the foundation and incorporated at Fund's life cycle. GED Ventures Portugal is a management entity of GED group dedicated to Venture Capital. Under the motto #Tech4Purpose, GED Ventures Portugal's Funds will focus on technologies capable of transforming the world, promoting sustainability, and leaving a viable and promising legacy to generations to come.
CryoTherapeutics SA
Dr. John Yianni, CEO - jy@cryotherapeutics.com