Procyrion Closes $57.7 Million in Series E Financing
Summary
"Approximately 25% of the millions of patients admitted to the hospital with ADHF are unable to be successfully treated with standard of care therapies, yet there is a lack of effective treatment options available, leading to very poor outcomes. Aortix therapy is uniquely suited for treating CRS patients and this latest round of investment will enable the company to make significant progress toward commercialization of our technology," said Eric S. Fain, MD, President and Chief Executive Officer, Procyrion. "We thank our investors for recognizing the engineering and clinical achievements to date, as well as the potential of Aortix to be a truly groundbreaking advancement to break the vicious CRS cycle and improve the outcomes in these most challenging-to-manage heart failure patients who currently have no proven therapeutic options. "Approximately 500,000 patients in the US who are admitted to the hospital with cardiorenal syndrome are unable to be successfully treated with current available therapies and suffer high rates of mortality and heart failure rehospitalization," said Leo Linbeck III, Chairman and Founder of Fannin Partners and a Procyrion Board Member. "We are pleased to lead this round as we see enormous commercial potential for Aortix and look forward to seeing the results of the DRAIN-HF study with the goal of demonstrating improved patient outcomes, which should also reduce the burden on the overall healthcare system.