CryoTherapeutics, a Germany-based system developer of treatments for coronary artery disease, has raised €3.5m ($4.9m) in an extension of its series A round that was led by venture capital firm Peppermint Venture Partners via its Charité Biomedical Fund.
The second tranche also included participation from German development bank KfW. CryoTherapeutics secured €3m ($4.2m) in the first tranche, in March 2013, from German corporate-backed venture fund High-Tech Gruenderfonds (HTGF), North Rhine-Westphalia bank, private investor Rainer Christine, and Getz Brothers.
HTGF, which is also funded by the German government, has 20 corporate investors including Bosch, Siemens and Deutsche Telekom.
CryoTherapeutics is focusing on the development of a system that uses cryoenergy to treat and prevent heart attacks via a catheter system.
John Yianni, CryoTherapeutics’ managing director, said: “We are delighted to announce this extension of our series A financing which enables CryoTherapeutics to continue the development of our cryosystem for demonstrating the safety of this new treatment option for heart attack patients in a first-in-man study.”