Intressa Vascular secures EUR 18 million in financing to support the development of its multilayer Allay™ Aortic Stent for the treatment of aortic dissection
Press Release – 25/10/2022
Intressa Vascular is using its proprietary stent braiding technology to develop an innovative multilayer stent for the treatment of aortic dissection, a life-threatening cardiovascular condition affecting worldwide 300,000 patients annually. The company has secured EUR 18 million in financing with the support of new investors and the Walloon Region. Funds are aimed at clinical studies and product registration purposes.
Gembloux, Belgium, October 25, 2022 – Intressa Vascular SA, a clinical-stage MedTech company, today announces the successful raising of 18 million euros in financing to support the development of its multilayer stent device, the Allay™ Aortic Stent, indicated for the treatment of aortic dissection. The EUR 12 million round in two-tranche equity funding has been completed between October 2021 and October 2022 by an international investment syndicate including Noshaq, Yonjin Capital, the White Fund, SRIW, CPH Bank, and a series of historical investors. The EUR 6 million in non-dilutive funding is provided by the Walloon Region (DGO6).
Aortic dissection is a life-threatening cardiovascular condition with poor clinical outcome. Current treatment options are suboptimal, requiring complex procedures and associated with a high rate of complications, including paraplegia and high mortality.
The company, formerly known as Cardiatis SA, has developed a proprietary technology platform allowing to produce multilayer stents for various cardiovascular applications. The company is now focusing primarily on the development of its innovative multilayer stent in aortic dissection. With its lead product in clinical development, the Allay™ Aortic Stent, Intressa Vascular focuses on the endovascular treatment of aortic dissection, an addressable cardiovascular market segment worth 1.8 billion, and aims at providing a better treatment option. This financing will support the company’s clinical development and product registration activities, and further anchor and develop the organization locally.
“Over the last few months, Intressa Vascular has not only assembled an experienced team and board, but also secured the support of an international investor consortium behind its focus on aortic dissection, as well as a strategic partner to leverage its technology more broadly without losing focus. I am convinced the company is now in a good position to drive its project towards success”, adds Philippe Felten, chairman of the board.
“We have been able to gather a high-quality investment syndicate and board around a new company project focused on aortic dissection. Together with our 30+ people team, mixing existing and new talents, whether in the team or at board level, this financing will allow us to advance our product development roadmap towards clinical development for expanding on key markets, primarily the USA, Europe and China”, says Pierre Douette, Intressa Vascular’s CEO.
“Besides the support this financing brings to our aortic dissection project, we are pleased to welcome Yonjin Capital as both an international investor and partner in the creation of a strategic alliance to value and develop our technology in the field of cerebral diseases”, says Diane Lejeune, Intressa Vascular’s Chief Strategy Officer.
“This investment is for us an exciting opportunity to expand our portfolio in the cardiovascular space, tackling a disease which lacks appropriate treatment options, while also leveraging the company’s technology platform to build a strategic alliance which will help patients and physicians in the field of neuro-intervention”, says Chong Wang, Yonjin Capital’s Director.
“Noshaq is pleased to support Intressa Vascular. Noshaq was one of the first new investors to embark on this new focus in aortic dissection, reflecting our purpose to support ambitious projects led by high-level teams. This project also fits very well into the MedTech cardiovascular ecosystem which is being set up locally and for which we see many synergies”, says Eric Brandt, Investment Manager at Noshaq.
About Intressa Vascular
Intressa Vascular (www.intressavascular.com), located in Gembloux, Belgium, is providing innovative solutions to address life-threatening cardiovascular conditions such as aortic dissection.
Intressa Vascular has developed a proprietary braiding technology platform allowing to produce multilayer stent. Its Allay™ Aortic Stent is the only treatment for Type B aortic dissections (TBAD) and residual dissections designed to recentralize blood flow inside the true lumen while preserving branch perfusion, via a streamlined procedure with a low risk of complications.
Noshaq is an investment fund and project developer with a portfolio of 469 companies. Noshaq is the reference financial partner for the creation and development of SMEs in the Liege region. Over the years, Noshaq has developed a variety of financing vehicles, which are fully in line with market needs and trends, as well as its strategy. All services offered by Noshaq are always designed according to the needs and requirements of the client investor. The goal is to ensure that, at all times, we have a lever effect on the development of his business.
About Yonjin Capital
Yonjin is a specialized investment company under Yonjin Group, focusing on Private Equity investment and Fund management. The VC team at Yonjin is a market leader in Chinese venture capital, with technical expertise in TMT (technology, media, telecom), medical and healthcare as well as the new material development sectors. In addition, the vast experience with internal operation and investment management allows for remarkable investment performance and client trust.
About White Fund
White Fund is an early-stage private equity fund entirely dedicated to the medical device sector. The financial strength of the fund is € 39 million. Objective: to finance about ten of the most promising MedTech projects. The targets are ‘early-stage’ companies, with at least a proof of concept of their technology and objective market traction indicators. White Fund aims to support the pre-commercialization stages of projects and the start of sales, with an exit target of five to seven years. The geographical scope of the investment is Belgium, without excluding the possibility of opportunities in neighboring areas.
SRIW Life Sciences invests in “local heroes,” scientists and entrepreneurs in life sciences who want to leverage their innovation to build a sustainable and equitable global economy with roots in Wallonia.
As a public investment fund, we focus on diversity and cross-fertilization in its broadest sense. We invest in life sciences companies at diverse stages of development across a wide range of technologies and disease areas.
We are an early and patient investor; we invest in the most promising early-stage companies and can act with a long-term view – longer than the average VCs.
The role of SRIW as a risk capital provider in the life sciences sector support empowering innovators to explore areas they might hesitate to venture into alone. And by supporting innovative start-ups, we aim to strengthen the economic health of our region.
More information: http://www.sriw.be.
About CPH Bank
Established in 1930, CPH Bank (www.cph.be) is a Belgian regional cooperative bank. With around 30 agencies and 220 employees, CPH Bank provides a range of payment, savings and loans products and services to individuals and SMEs in Hainaut, Namurois and Walloon Brabant.
Last private bank in the French-speaking part of Belgium, Banque CPH has a sound financial position.
In the last years, the bank has developed a limited activity of private equity in innovative companies.
The Operational Directorate-General for Economy, Employment and Research (DGO6), belonging to the Walloon Public Service (https://recherche.wallonie.be/), is the legal administration in charge of funding applied research for new technologies and energy for industries, academia and research centers, as well as of related international scientific co-operation. It is the key advisory body for the Regional government authorities involving research and innovation policy.
For further information, please contact
Pierre Douette, CEO
M. +32 489 56 59 69