Puzzle Medical Devices Inc., today announces the closure of its first convertible debenture financing round led by Canadian entrepreneur Pascal Labrecque. Other participants include a United States venture capital firm, entrepreneurs and interventional cardiologists practicing in Canada, the United States and Europe. This investment follows the successful completion of Puzzle Medical’s first preclinical studies and will support the continued development towards clinical testing of a revolutionary transcatheter pump intended for chronic support.
Puzzle Medical Devices Inc. cites an estimated 26 million patients suffer from heart failure worldwide, resulting in a global healthcare spending of $108B. While great improvements in chronic heart failure therapy have been achieved in the last couple of decades, mortality and readmission rates have seen a limited impact. Patients with advanced heart failure − refractory to medical therapy − are often at increased risk for conventional surgical left ventricular assist device implantation. Even with optimal patient care, cumulating to yearly spending of $28B in the United States, these patients have a 2-year survival rate of 50% and limited quality of life. “This technology clearly answers an unmet need in the management of chronic heart failure patients,” said Philippe Généreux, MD, Interventional Cardiologist at Morristown Medical Center, New Jersey, USA. “I have been extremely impressed by the success achieved during the initial preclinical work and remain excited and confident about its future application in patients.” Puzzle Medical’s focus is to improve patient quality of life and reduce the global economic burden related to heart failure. Puzzle Medical is developing a proprietary transcatheter heart pump associated with minimal trauma to the blood components, allowing for safe and efficient heart support without open-heart surgery.
“The accomplishments achieved by Puzzle Medical in such a short period of time are remarkable,” stated Pascal Labrecque. “It already has international support from pioneering interventional cardiologists, on top of an ever-growing IP portfolio. We are enthusiastic about its competent team and bright future.”
“This financing clearly demonstrates confidence in our strategic direction and ability to disrupt the interventional cardiology space by developing advanced, innovative technologies,” said Stuart Kozlick, CEO, Puzzle Medical Devices. “We are dedicated to improving every aspect of advanced heart failure with novel hemodynamic support solutions, as recently evidenced by the successful completion of acute preclinical implantations.”