CorWave said today that it has raised approximately $16.5 million (EU €14 million) to help support the Calypso R&D program it is running to develop its Neptune cardiac assistance pump into a left ventricular assistance device.
The France-based company said the Calypso program is intended to encompass all the stages of development for the Neptune LVAD system as it pursues CE Mark approval in the European Union.
The investment came from the BpiFrance’s Programme d’Investissements d’Avenir managed by the Secrétariat Général pour l’Investissement, and is part of a total $29.4 million (EU €25 million) the company is seeking to support the Calypso program, according to a press release.
CorWave said it is hopeful the Calypso program will help optimize the Neptune device to reduce the risk of complications associated with current generation LVAD devices for patients suffering from severe heart failure.
“We are very pleased to set up major partnerships with world-class university hospitals, thanks to the financial support of Bpifrance and the French Government. The Calypso program considerably increases the resources allocated to preclinical and clinical studies prior to the marketing of Neptune, a cardiac support pump that closely mimics the physiological flow of the native heart. This program will help CorWave convert its disruptive technology into a sustainable competitive advantage to establish itself as a global leader in cardiac support, a market that already accounts for nearly $1 billion in annual sales,” CorWave CEO & Calypso project lead Louis de Lillers said in a press release.
In April, CorWave said it was awarded approximately $3.5 million from France’s Worldwide Innovation Challenge, financed by BpiFrance’s Invest for The Future Program.