Miracor closes first round of Series B financing

Miracor Medical Systems GmbH, a private Austrian medical device company, announced today that the company has secured €7M/$10M in the first closing of the Series B financing round. Second closing is pending approval by other European venture investors and potential new investors. The financing round was supported by Austria Wirtschaftsservice (aws) and German venture capital investor SHS Gesellschaft für Beteiligungsmanagement as well as the existing investors Earlybird and Delta Partners. Miracor has since its foundation in May 2008 secured a total of €14.9M/$21.3M in venture capital and grants to develop the company.

"We find Miracor an extremely interesting investment opportunity," said Hubertus Leonhardt, partner at SHS. "We believe that there is a big unmet clinical need to improve the outcome in acute coronary syndrome patients, and Miracor has convincingly demonstrated that its PICSO^® technology, patent portfolio, clinical outcomes and future trials will address this unmet clinical need," added Leonhardt.

Miracor will in 2011 initiate the post CE-mark "Prepare RAMSES" clinical trial and will also start initial sales activities in select hospitals in Europe. The company plans to initiate the randomized multi-centre RAMSES trial in 2012 at the same time as it will expand its European sales activities.

"Austria Wirtschaftsservice - the Austrian government promotional bank - is happy to announce its support of an advanced medical device company like Miracor," says Bernhard Sagmeister; aws Managing Director. "Companies like Miracor are important drivers to develop interesting employment opportunities for highly qualified staff in Austria."

"We are very pleased that we now can focus on the clinical trials to document the positive effects of our technology," said Jon H. Hoem, Miracor CEO. "With the strong investor syndicate backing Miracor we have a unique opportunity to bring our product offering to the patients who need additional care after a heart attack. We also look forward to continue the work with our key opinion leaders and clinical investigators to document the potential of PICSO^® in this setting," added Hoem.