Reprieve Cardiovascular has closed an oversubscribed $61m Series B financing round, which was spearheaded by Deerfield Management.
The funds aim to accelerate the global FASTR II pivotal trial of the Reprieve system in patients hospitalised with acute decompensated heart failure (ADHF), as well as facilitate commercial preparation activities.
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The funding round also saw participation from investors such as Arboretum Ventures, Cadence Capital and Genesis Capital.
An undisclosed strategic investor also contributed to the round, which comprised both equity investment and a debt facility.
The first subject has been enrolled in the FASTR II trial, which follows the completion of the FASTR randomised pilot trial, having achieved its primary efficacy and safety endpoints.
Building on these results, the FASTR II study aims to enrol up to 400 subjects across Europe and the US.
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By GlobalDataThe trial will assess the Reprieve system in comparison to optimal diuretic therapy for this patient population.
The primary goal of the trial is to determine if the system can more efficiently decongest individuals than the current standard of care.
Outcomes from the trial will be used to support a future premarket approval submission in the US.
According to the company, the system is designed to personalise decongestion management and remove extra fluid, thereby enhancing patient outcomes and decreasing hospital readmissions.
It achieves this by administering diuretics to identify the optimal dose while simultaneously replenishing the body with saline to maintain kidney function.
The system also integrates physiological monitoring in real-time with automated recommendations, allowing physicians to customise treatment to each patient’s requirements during therapy.
Reprieve Cardiovascular CEO Mark Pacyna said: “We are pleased to close this latest financing round, which reflects the strong continued support of our existing investors, as well as the addition of new investors, who each bring unique strategic insights to Reprieve.
“This capital ensures we are positioned to generate the clinical and economic evidence essential for regulatory approval and commercialisation. We believe our personalised approach to decongestion management can enable better outcomes for both patients and healthcare systems around the world.”
This Series B round comes after the company raised $42m in funding last year, which was allocated for its heart failure technology trials.
