PARIS--(BUSINESS WIRE)--LimFlow SA, developer of innovative, peripheral endovascular technology transforming the treatment of critical limb ischemia (CLI), today announced it has secured €27 million ($33.5 million) in an oversubscribed Series C financing. The round was led by Sofinnova Partners, with continued participation from existing round B investors Bpifrance, the French sovereign investment bank, and Balestier, a Singaporean family fund. Gérard Hascöet, Venture Partner at Sofinnova Partners, and Dr. Kinam Hong, Partner of the Sofinnova Crossover I Fund, will join the company’s board of directors. The investment is the first for the newly raised Sofinnova Crossover I Fund.
Proceeds from the Series C financing will fund the company’s major strategic initiatives through the second half of 2020, including completion of a U.S. pivotal trial for the LimFlow Percutaneous Deep Vein Arterialization System (pDVA), which will be submitted to the FDA as part of the approval process, and execution of its international commercialization strategy.
Based in Paris, LimFlow was founded in late 2012 by Dr. Martin Rothman, a world-renowned interventional cardiologist, and MD Start, a European Incubator dedicated to healthcare. The company’s proprietary and CE marked technology is a novel and purely percutaneous therapy for “no-option” CLI patients when all other revascularization efforts have been exhausted and a patient is facing a major amputation.
In the past 18 months, the company has achieved a number of key milestones, including CE Mark and acceptance into the FDA Breakthrough Devices Program. Enrollment is also currently underway in both a U.S. feasibility study of the LimFlow technology (PROMISE I) and an international post-market study (PROMISE International).
“We are gratified with the support we have received from Sofinnova Partners, a leading European venture capital firm and one of the most respected and specialized global Life Sciences investors. We are equally appreciative of the continued strong commitment from our existing investors. The new funds will enable us to continue our mission to save patients from amputation, and ultimately, save lives that might otherwise be lost,” said LimFlow CEO Dan Rose.
“LimFlow is an excellent fit for our healthcare Crossover I fund, where we seek investments in companies with game-changing technologies that address important clinical unmet needs and are led by experienced and passionate management teams,” said Dr. Hong.
About LimFlow SA
LimFlow is a private, venture-backed medical device company transforming the treatment of Critical Limb Ischemia, a growing clinical need in the face of the prevalence of diabetes, heart disease and an aging population. The LimFlow Percutaneous Deep Vein Arterialization (pDVA) System is designed to bypass blocked arteries in the leg and rush oxygenated blood back into the foot. For many patients, restoring perfusion in the lower limbs resolves chronic pain, improves quality of life, promotes wound healing and prevents major amputation. For more information, visit www.limflow.com.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm specialized in Life Sciences. Based in Paris, France, the firm brings together a team of professionals from all over Europe, the US and China. The firm focuses on paradigm shifting technologies alongside visionary entrepreneurs. Sofinnova Partners seeks to invest as a lead investor in start-ups and corporate spin-offs and has backed nearly 500 companies over more than 45 years, creating market leaders around the globe. Today, Sofinnova Partners has over €1.9 billion under management For more information, please visit: www.sofinnova.fr.
CAUTION: The LimFlow technology is approved for investigational use only in the United States. The LimFlow System received the CE Mark in October 2016 and is currently available commercially in Europe. The LimFlow System has not been approved for sale in the USA, Canada, or Japan.