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News Release - May 11, 2020
CorVent Medical, A Coridea Portfolio Company, Closes $4.5M Seed Financing To Commercialize The First Single-Use, Critical Care VentilatorThe CorVent™ Single-Use Ventilator is poised to help address critical unmet needs highlighted during the COVID-19 pandemic
NEW YORK, May 11, 2020 -- (Healthcare Sales & Marketing Network) -- CorVent Medical, a Coridea portfolio company, announced today the closing of a $4.5M seed financing round to support the commercialization of the first single-use, critical care ventilator that will enable rapid and affordable deployment with superior infection control. The financing round is led by the prominent European life sciences venture capital firm Sofinnova Partners with participation from Redmile Group, Exor Seeds, Genesis Medtech Group, The Deerfield Foundation, The Pagliuca Family Office, and Accel Founder Jim Swartz. Funds will be used to finalize regulatory filings under the U.S. Food and Drug Administration's Emergency Use Authorization (EUA) Act, to upon approval launch the CorVent™ Single-Use Ventilator, and to support future development of next generation lifesaving devices for respiratory insufficiency.
"The COVID-19 pandemic has highlighted a significant need for emergency-use ventilators that can be rapidly deployed to enable on-demand, critical care ventilation," stated Antoine Papiernik, Managing Partner at Sofinnova Partners. "CorVent has created an elegant yet simple, single-use solution for emergency preparedness that can be stored for long periods of time without the expense and delay of complicated service contracts. We are proud to partner with this proven team to bring a much needed solution to market."
The CorVent™ Single-Use Ventilator is designed to meet each patient's respiratory needs in an easy plug and play set-up with built-in safeguards. The single-patient design provides superior infection control with integrated filters to protect healthcare providers, staff and patients. Delivering critical care ventilation at a moment's notice, the CorVent™ Single-Use Ventilator complements existing products during hospital shortages or in underserved markets.
"Our product is unique in that it is the only single-use, critical care ventilator that extends capacity when needed most," commented Mark Gelfand, CEO of CorVent. "Whether it is in response to a pandemic or to address an underserved market, our single-use ventilator enables hospitals, states and countries to cost-effectively and efficiently address respiratory insufficiency so healthcare providers can immediately focus on critical patient needs."
About CorVent Medical, Inc.
CorVent Medical, a privately held portfolio company of Coridea LLC, is committed to developing smart, versatile, lifesaving ventilators for critical care. The company's first product, the CorVent™ Single-Use Ventilator, was designed in partnership with Design Catapult, an industrial design firm recognized for their rapid ideation of medical and commercial products. The ventilator is currently pending Emergency Use Authorization (EUA) issued by the U.S. Food and Drug Administration (FDA) for ventilators, tubing connectors and accessories, which authorizes its use for the duration of the U.S. Health and Human Services COVID-19 public health emergency declaration. This device is not yet FDA cleared or approved.
About Coridea, LLC
Founded by serial entrepreneurs Dr. Howard Levin and Mark Gelfand, Coridea LLC is a proven medtech incubator that develops unexpected solutions to address complex and costly unmet needs in healthcare. Coridea has successfully launched over 10 companies that focus on bridging the gap between patient care and medical device innovation. To learn more about Coridea, please visit www.coridea.com.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm specialized in Life Sciences. Based in Paris, France, with offices in London and Milan, the firm brings together a team of 40 professionals from all over Europe, the U.S. and Asia. The firm focuses on paradigm-shifting technologies alongside visionary entrepreneurs. Sofinnova Partners invests across the Life Sciences value chain as a lead or cornerstone investor, from very early-stage opportunities to late-stage/public companies. It has backed nearly 500 companies over more than 48 years, creating market leaders around the globe. Today, Sofinnova Partners has over €2 billion under management. For more information, please visit: www.sofinnovapartners.com.
Source: CorVent Medical
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