Restore Medical Ltd., a clinical-stage MedTech company developing cardiac implants for the treatment of congestive heart failure (CHF), announced today that it has been awarded by the European Innovation Council (EIC), under the first 2022 EIC Accelerator cut-off, €2.5 million financing in grant and, subject to a future milestone, an equity investment of €10 million. These funds will help Restore Medical to enhance its clinical development of the ContraBand™ and to further investigate the treatment’s safety and efficacy. Restore Medical is running a First in Human (FIH) clinical study in Europe with promising results seen in several patients who were treated so far.
Restore Medical was one of only 74 winning companies selected out of 1,093 companies who applied for EIC funding from 18 different countries in March 2022. Following a very competitive screening process, the companies selected for the final interview stage were considered by the EIC to have high-impact innovations. Of these, Restore Medical was selected as one of the few finalists to receive investment.
Gilad Marom, CEO of Restore Medical, stated: “Our selection to such an exclusive list of companies after such a highly selective process attests to the EIC’s confidence in Restore Medical and provides additional validation of our groundbreaking technology and of our ability to impact the congestive heart failure treatment market.”
Congestive heart failure (CHF) is a progressive, debilitating disease and is one of the leading causes of mortality, with less than half of patients surviving five years after diagnosis and only 30% surviving ten years. With 25% of patients returning to the hospital within a month of discharge, it is also the leading cause of repeat hospitalizations. CHF affects tens of millions of people worldwide, including 6.2 million in the United States alone, and is considered the largest unmet clinical and financial need facing global healthcare systems today.
About Restore Medical Ltd.
Restore Medical has developed a novel technology that restores the geometry of failing hearts to improve patients’ quality of life. The company, which is led by CEO Gilad Marom, was established in 2015 by Dr. Elchanan Bruckheimer (Medical Director), Aaron Feldman (board member) and Stephen Bellomo (VP, Clinical Affairs).