Bad Homburg v.d.H., July 6th, 2016 – Creathor Venture, one of the leading European Venture Capital firms, leads a Series B financing round in CryoTherapeutics, the developer of a proprietary cryotherapy system for use in the treatment of coronary artery disease. The life science start-up CryoTherapeutics receives at total of € 5.2 million in the current Series B financing round from Creathor Venture as well as from the existing investors NRW.BANK, Peppermint CBF, High-Tech Gründerfonds (HTGF), Getz Brothers, Kreditanstalt für Wiederaufbau (KfW) and several renowned business angels.
CryoTherapeutics was established in December 2009 by a team of experienced serial entrepreneurs from the UK, US and Canada and is focusing on development and application of a unique novel and proprietary approach for treatment of patients with acute coronary syndromes and myocardial infarction. Unlike with traditional techniques it is anticipated that the application of cryo energy can avoid in many patients the use of intravascular stents or scaffolds thus maintaining vascular function in the culprit or treated vessel.
This financing will allow CryoTherapeutics to demonstrate the benefit in the treatment of heart attack patients by using this catheter-based system in a clinical trial with the goal of achieving market approval in Europe (CE-mark).
Cardiovascular disease is the biggest largest single cause of death in the western societies. In Germany alone there are more than 300,000 people affected by heart attacks each year. In the EU there are 1.6m people and in the US 1.2m. Just the acute treatment of heart attack patients which is the initial focus of CryoTherapeutics represents a market potential of over € 1 billion.
Dr. John Yianni, founder and CEO of CryoTherapeutics stated: “We are delighted to have completed this substantial financing with this consortium of experienced Med Tech investors. With the funds of this financing round we are now ready to further demonstrate the benefits of our treatment procedure for vulnerable or ruptured plaques in the setting of heart attack in a clinical study.”
Dr. Maurice Buchbinder, Founder and Chief Medical Officer stated: “We look forward to the initiation of the CHILL 1 study later this year to demonstrate the versatility and effectiveness of this exciting new treatment modality.”
Dr. Aristotelis Nastos, Partner with Creathor, who is joining the Board of CryoTherapeutics stated: “I am impressed with the current status of the project. I have been following the preclinical development of this proprietary catheter system since the inception of CryoTherapeutics, very closely. This innovative device has the potential to become a real game changer in the treatment of coronary plaques. The commitment, experience and dedication of the team around the CEO, John Yianni, and the CMO, Dr. Maurice Buchbinder, has been crucial for the successful development of the company. We are delighted to work with a management team that has such a successful track record in the international MedTech industry.”