Financing co-led by Vensana Capital and a Large, Global Medical Device Company
Use of Proceeds to Advance Development of a Novel Catheter-based Solution for Mitral Regurgitation
Nyra Medical, Inc., a medical device company that is developing a novel transcatheter mitral valve repair technology, today announced the closing of a $20 million Series A financing. The round was co-led by Vensana Capital and a large, global medical device company, alongside additional investors Broadview Ventures, Epidarex Capital, and the Georgia Research Alliance Venture Fund. Proceeds from the financing will be used to support Nyra's technology through early feasibility clinical studies.
Nyra is developing a transcatheter technology (CARLEN), which modifies the native mitral valve leaflets with a proprietary implant, to correct for deficiencies that otherwise lead to mitral regurgitation, while preserving the physiological valve geometry. "We know today that proper correction of mitral regurgitation in patients surviving with heart failure can reduce mortality and hospitalization rates, with earlier intervention yielding the best results," says Murali Padala, Ph.D., the inventor of CARLEN, Director of the Carlyle Fraser Cardiothoracic Research Laboratories at Emory University, and founder of Nyra Medical. "CARLEN fills a much-needed gap in safely and effectively correcting mitral regurgitation across different valve anatomies, and offers the benefit of preserving the full range of other transcatheter and surgical treatments as future options. We methodically developed this technology with funding from the Georgia Research Alliance, Coulter Foundation, National Institutes of Health, and the Carlyle Fraser Heart Center at Emory Midtown Hospital, and upon de-risking spun it off into Nyra Medical. We are enthusiastic to partner with this experienced syndicate of investors to build on Nyra's strong momentum in product development and to advance CARLEN to benefit patients in need."
"A transcatheter therapy that can optimize efficacy and safety, while maintaining simplicity truly represents the 'holy grail' in the treatment of structural heart disease. The team at Nyra has taken this reality to heart, and engineered an elegant device that addresses multiple current needs in the treatment of valvular heart disease", said Eric L. Sarin MD, Director of the Structural Heart and Valve Program at INOVA Heart and Vascular Institute and co-founder of the company.
"The transcatheter mitral repair market is still in its infancy with significant room for growth ahead. Nyra's technology presents an elegant treatment solution and is an intuitive next step in the evolution of catheter-based innovations to treat mitral regurgitation. Our team and clinical advisors are highly enthusiastic about the potential for CARLEN as a treatment for mitral valve disease", said Amrinder Singh, Principal at Vensana Capital.
In conjunction with this new round of financing, Nyra has added Lisa Wipperman Heine to its board of directors as an independent director. Lisa is an experienced medical technology executive, with more than 25 years' experience in operational, executive and board roles. Most recently, she served as CEO of preCARDIA, previously as the COO of Mitralign, and in multiple leadership roles at Covidien including Global Vice President of Medical Affairs for Vascular Therapies. "I am honored to join the Nyra Board" said Lisa Wipperman Heine, "Mitral valve disease remains a significant unmet need and the CARLEN technology provides a tremendous opportunity to advance next generation transcatheter structural heart treatments forward that will help patients worldwide."
About Nyra Medical
Nyra Medical is a medical device company with the motto "simplifying transcatheter repair of heart valves…one valve at a time", developing the CARLEN technology, a transcatheter technology for the treatment of mitral regurgitation. CARLEN preserves the physiological valve geometry while restoring its function, eliminates the risk of stenosis, and offers the benefit of preserving a full range of transcatheter and surgical treatments as future options. Learn more at www.nyramed.com
About Vensana Capital
Vensana Capital is a venture capital and growth equity investment firm dedicated to partnering with entrepreneurs who seek to transform healthcare with breakthrough innovations in medical technology. Launched in 2019, Vensana manages $550M in capital and is actively investing in development and commercial stage companies across the medtech sector, including medical devices, diagnostics and data science, life science tools, digital health, and tech-enabled services. Vensana's investment team has a history of successfully partnering with management teams behind industry-leading companies including Cameron Health, CardiAQ, Cartiva, CV Ingenuity, Epix Therapeutics, Inari Medical, Intact Vascular, Lutonix, Neuwave Medical, Personal Genome Diagnostics, Sequent Medical, Topera, Ulthera, Veran Medical Technologies, Vertiflex, and Vesper Medical. Learn more at www.vensanacap.com
About Broadview Ventures
Broadview Ventures is a mission-driven investment organization that makes targeted investments in early-stage companies to accelerate the development of innovative therapeutics, devices, and diagnostics for cardiovascular disease and stroke. Broadview is an affiliate of the Leducq Foundation. Learn more at www.broadviewventures.org
About Epidarex Capital
Epidarex Capital is a transatlantic venture firm that invests in early-stage, high-growth life science companies. They focus on providing risk capital and expertise to support and build young companies spun out of leading research institutions, across a variety of disease and therapeutic areas. Epidarex has invested in 25 companies to date, with notable exit in cardiovascular devices including Harpoon Medical. Learn more at www.epidarex.com.
About Georgia Research Alliance Venture Fund
GRA venture fund is a public-private venture capital fund investing in Georgia-based startup companies emerging out of research and innovation from Georgia universities. GRAVF has investments in a variety of fields, including healthcare, with participation in seed stage and Series A financings. Learn more at https://graventurefund.org
Caution: The CARLEN device is an investigational technology and is not approved or cleared for use in patients in any geography.
SOURCE Nyra Medical, Inc