Endoron Medical raises $10 Million in Series A funding led by Sofinnova Partners to accelerate the validation of its AAA EndoStapling solution Aortoseal
09 Julio 2024 - 2:00AM
Business Wire
Endoron Medical (“Endoron”), a pioneering medtech company
specializing in innovative endograft stapling solutions for the
endovascular repair of abdominal aortic aneurysms, announced the
successful closing of its $10 million Series A funding round. The
round was led by Sofinnova Partners, with significant matching
contributions from the European Innovation Council Fund (EIC
Fund).
The capital received will accelerate the clinical validation of
Endoron’s flagship product, the catheter-based EndoStapling
solution Aortoseal, as it progresses through its Investigational
Device Exemption (IDE) approved Early Feasibility Study (EFS).
"Sofinnova Partners are the go-to investors within medtech. They
bring a wealth of operational experience working with high-growth
companies like ours," said Ronit Harpaz, co-founder and CEO of
Endoron. "With their continued support, I am confident we will
reach key clinical and regulatory milestones as we advance our
EndoStapling technology towards the clinic. The EIC’s participation
further solidifies our commitment to bringing this innovative
solution to the European market."
Endoron is at the forefront of developing advanced technologies
for the endovascular repair of abdominal aortic aneurysms (AAA).
Its technology addresses the critical challenges of sealing and
securing endografts used in minimally invasive AAA repairs,
particularly in complex procedures. Endoron’s innovative stapling
mechanism ensures complete sealing of endografts while securely
anchoring them, preventing long-term migration and endoleaks,
thereby reducing the need for highly invasive, high-mortality open
surgeries.
“Endoron is a clear example of Sofinnova Partners MD Start’s
acceleration strategy which identifies promising innovation at the
earliest stages and provides capital as well as operational
expertise via our team of serial entrepreneurs. We believe that
Endoron’s innovative EndoStapling has the potential to
revolutionize endovascular repair of AAA, and we are excited to
support them in their journey,” said Cécile Dupont, Partner at
Sofinnova Partners' medtech accelerator, MD Start.
Svetoslava Georgieva, Chair of the EIC Fund Board, said: “We are
very happy to participate in this funding round for Endoron. EIC
Fund’s investment will help them advance their endovascular repair
solution and reduce complications and reinterventions for
patients.”
With the successful completion of this funding round, Endoron is
well-positioned to capitalize on the growing market opportunity to
drive innovation in endovascular care. The company remains
committed to advancing endovascular repair solutions to improve
patient outcomes.
About Endoron Medical
Founded in 2019, Endoron Medical was established by a team of
experts with extensive industry expertise and entrepreneurial
experience. The founding team includes Ronit Harpaz, an Elite 8400
member and former CEO of Bendit Technologies; Prof. Ron Karmeli, a
world-renowned vascular surgeon; and Eyal Teichman, a mechanical
engineer with over 30 years of R&D experience. Together, they
are committed to advancing endovascular repair solutions to improve
patient outcomes. For further information, visit Endoron
Medical.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm in
life sciences, specializing in healthcare and sustainability. Based
in Paris, London and Milan, the firm brings together a team of
professionals from all over the world with strong scientific,
medical and business expertise. Sofinnova Partners is a hands-on
company builder across the entire value chain of life sciences
investments, from seed to later-stage. The firm actively partners
with ambitious entrepreneurs as a lead or cornerstone investor to
develop transformative innovations that have the potential to
positively impact our collective future.
Founded in 1972, Sofinnova Partners is a deeply-established
venture capital firm in Europe, with 50 years of experience backing
over 500 companies and creating market leaders around the globe.
Today, Sofinnova Partners has over €2.8 billion under management.
For more information, please visit: www.sofinnovapartners.com.
About the European Innovation Council Fund (EIC Fund)
The European Innovation Council Fund from the European
Commission is an agnostic Fund: it invests across all technologies
and verticals, and all EU countries and countries associated to
Horizon Europe. It provides the investment component of the EIC
Accelerator blended finance. The European Investment Bank acts as
investment adviser to the EIC Fund. The EIC Fund aims to fill a
critical financing gap and its main purpose is to support companies
in the development and commercialisation of disruptive
technologies, bridging with and crowding in market players, and
further sharing risk by building a large network of capital
providers and strategic partners suitable for co-investments and
follow-on funding. The Fund pays particular attention to the
empowerment and support of female founders as well as the ambition
to reduce the innovation divide among EU countries. For more
information, visit EIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709845067/en/
For further information: Ronit Harpaz CEO &
Co-founder Ronit@endoronmedical.com