Funding, which will support clinical studies of Restore’s novel transcatheter device, was co-led by Pitango HealthTech and a global strategic partner, with continued investment from existing investors including Peregrine Ventures, another global strategic partner, and new investment from the European Innovation Council (EIC) Fund.
Restore Medical Ltd, a clinical-stage MedTech company developing transcatheter therapies for heart failure, announced the successful closing of a $23 million Series B financing round. The round is co-led by Pitango HealthTech and a global strategic healthcare partner, alongside the European Innovation Council (EIC) Fund, and continued support from existing investors including Peregrine Ventures, which has supported the company since its inception, and another strategic partner.
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The round will fund the completion of Restore Medical’s ongoing European feasibility study, which has demonstrated promising long-term safety and efficacy data, including meaningful improvements in ventricular reverse remodeling, hemodynamic performance, and patient functional capacity. The investment will also support the launch of a U.S.-based clinical study, following the Breakthrough Device Designation granted by the U.S. Food and Drug Administration (FDA) in 2024.
Restore Medical’s unique transcatheter approach introduces a new minimally invasive therapeutic option for heart failure patients who have limited effective treatments.
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“We are proud to have the support of such a strong and diverse group of partners, including two global strategic investors, the European Innovation Council Fund, and leading VCs such as Peregrine Ventures and Pitango HealthTech,” said Gilad Marom, CEO of Restore Medical. “Their confidence in our vision, team, and technology is a powerful endorsement. With encouraging clinical data and FDA Breakthrough Device designation, we are well positioned to advance this technology toward making a meaningful impact for patients worldwide.”
Jonathan Glazer, MD. Partner at Pitango HealthTech added: “Heart failure remains one of the greatest unmet needs in medicine, both clinically and economically. As a clinician and executive in healthcare systems, I have seen firsthand how urgent the need is for better solutions. Restore Medical’s innovative approach, compelling early data, and exceptional leadership made it a clear choice for us to co-lead this round.”
About Heart Failure
Heart failure is a chronic, progressive condition in which the heart is unable to pump blood effectively to meet the body’s needs. It remains one of the leading causes of hospitalization and mortality worldwide, particularly in patients with Heart Failure with reduced Ejection Fraction (HFrEF). Despite advancements in pharmacological treatments, a significant portion of patients remain symptomatic and at high risk of repeated hospitalizations, impaired quality of life, and premature death. The need for innovative, device-based therapies is growing rapidly as existing medical options reach their limits in addressing advanced heart failure.
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Source – PR Newswire
