CryoTherapeutics, a Germany-based developer of treatments for cardiovascular disease, has attracted €5.2m ($5.7m) in series B capital from a consortium featuring public-private investment partnership High-Tech Gruenderfonds (HTGF).
The round was led by Creathor Venture, a venture capital firm backed by various vehicles of the European Investment Fund, part of multilateral of financial institution EIB Group.
Germany’s federal development bank KfW and its North Rhine-Westphalia peer NRW.Bank also contributed capital to the round alongside Peppermint Venture Partners, Getz Brothers and assorted private investors.
HTGF’s backers include corporates such as industrial conglomerates Robert Bosch and Siemens and telecommunications firm Deutsche Telekom.
Founded in 2009, CryoTherapeutics is working on a therapy that uses cryoenergy to treat acute coronary syndrome and myocardial infractions. Each year, approximately 1.6 million people in Europe suffer from a heart attack, while 1.2 million patients are affected in the US.
The cash will fund a clinical trial with the aim of securing regulatory approval in Europe.
CryoTherapeutics previously closed a $9.1m series A round in 2014, following a $4.9m extension led by Peppermint through its Charité Biomedical Fund that also included KfW. It had raised an initial $4.2m tranche in 2013 from HTGF, NRW.Bank, Getz Brothers and individual investors.