Tricares expands Series C financing round to 51 million euros

Tricares wants to have developed a simpler treatment for a severe heart disease - and receives funding from Bayern Kapital.

Tricares has expanded its Series C financing round: the German-French medtech received further capital from Bayern Kapital's growth fund Bayern 2. In the first closing, Tricares raised €47 million from investors including 415 Capital, Go Capital, Karista, Credit Mutuel Innovation, Wellington Partners, Andera Partners, Biomedinvest and the consortium around company founder Pascal Lim. The second closing brought the total investment to €51 million.

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 first-in-use clinical trial for Topaz in Belgium, to further develop the product and to finance a pivotal trial in the U.S. next year.

"The successful financing reflects the enormous potential of the Topaz heart valve replacement system, our continued progress in its development and the great confidence of our investors," said 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 U.S., so that we can then offer this urgently needed solution to all patients suffering from severe tricuspid regurgitation."