Tricares expands Series C financing round to 51 million euros

Tricares wants to develop a simpler treatment for a serious heart condition - and is receiving funding from Bayern Kapital.

Tricares has expanded its Series C financing round: The Franco-German medtech has received further capital from Bayern Kapital's Bayern 2 growth fund. In the first closing, Tricares raised 47 million euros from investors such as 415 Capital, Go Capital, Karista, Credit Mutuel Innovation, Wellington Partners, Andera Partners, Biomedinvest and the consortium led by company founder Pascal Lim. As part of the second closing, the total investment amount rose to 51 million euros.

Tricares is a medtech based in Paris and Munich. The company is developing a treatment for people suffering from tricuspid regurgitation. In this disease, the tricuspid valve in the heart does not function properly. Until now, it can only be treated by open heart surgery, which is ruled out for many patients because it is very risky. Tricares has developed a new treatment option, the catheter-based heart valve replacement system "Topaz". This is to be implanted in patients via the femoral vein in a minimally invasive procedure.

Tricares intends to use the capital from the financing round to cover the costs of an ongoing initial clinical trial for Topaz in Belgium, to further develop the product and to finance a registration trial in the USA next year.

"The successful financing reflects the enormous potential of the Topaz heart valve replacement system, our continuous progress in its development and the great confidence of our investors," says Tricares President and CEO Helmut Straubinger. "We are doing everything we can to prove our very good results to date in clinical trials in other European countries and also in the USA, so that we can then offer this urgently needed solution to all patients suffering from severe tricuspid regurgitation."