Eindhoven-based Xeltis, a clinical-stage MedTech company, announced on Monday, August 14, that it has secured €12.5M in funding from the European Innovation Council (EIC) Fund, bringing the total amount raised to €44.5M.
The announcement comes five months after raising €32M in a Series D2 equity fundraising from a syndicate of current and new investors, including Grand Pharma, DaVita Venture Group, EQT Life Sciences, Invest-NL, and other international investors.
The Dutch company says it will use the current funds to continue the clinical development of its transformative implants.
In April, the Dutch company shared 6-month data from its first-in-human (FIH) aXess vascular graft trial (NCT04898153).
An ongoing pivotal trial for aXess is enrolling patients across Europe, says the company.
The EIC Accelerator funding will also be used to advance Xeltis’ coronary artery bypass graft (CABG) programme.
Eliane Schutte, CEO of Xeltis, says, “Securing this additional investment from the EIC is an important validator of Xeltis’ work to enable a better standard of care for patients with major life-threatening diseases through our transformative vascular implants. We look forward to providing updates from our pivotal aXess trial in due course, with enrollment progressing well.”
Xeltis: Developing next-gen implants
Founded as a merger of two Dutch/Swiss university spin-offs, Xeltis is a medtech company developing implants that naturally integrate into the body to restore and sustain vascular and valve function.
Xeltis’ proprietary Endogenous Tissue Restoration (ETR) platform utilises an advanced polymer-based material that triggers the body’s natural healing response to regenerate the patient’s tissue around it, forming new, living, and long-lasting vessels and valves.
Alongside aXess, which is currently in pivotal clinical trials, Xeltis is also pursuing clinical programmes in pulmonary valve replacement and coronary artery bypass grafts.
The Investors
The European Innovation Council Fund from the European Commission is an agnostic Fund, which invests across all technologies and verticals, and all EU countries and countries associated with Horizon Europe. It provides the investment component of the EIC Accelerator blended finance.
Svetoslava Georgivea, Chair of the EIC Fund Board says, “It is the ambition of the European Innovation Council (EIC) Fund to invest in European companies that develop cutting-edge technologies with high impact. Xeltis, with their restorative medical device technology, is an excellent example of such a company, which the EIC Fund invests in to support their potential to scale and grow their business.”
Read the orginal article: https://siliconcanals.com/news/startups/eic-backs-xeltis-in-12-5m-round/
