Series B fundraise led by Deerfield Management enables scaling of pivotal clinical trial and commercial readiness activities for Reprieve® System
Reprieve Cardiovascular, Inc., a clinical-stage company pioneering intelligent decongestion management therapy for acute decompensated heart failure (ADHF), announced the close of an oversubscribed $61 million Series B financing led by Deerfield Management and joined by Arboretum Ventures, Lightstone Ventures, Sante Ventures, Genesis Capital, Rex Health Ventures, and Cadence Capital, as well as an undisclosed strategic investor. The financing combined equity investment with a debt facility to support the Company’s growth. Proceeds from the Series B financing will support the rapid execution of the global FASTR II pivotal clinical trial, which has now enrolled its first patient, as well as key commercial readiness activities.
“We are pleased to close this latest financing round, which reflects the strong continued support of our existing investors, as well as the addition of new investors, who each bring unique strategic insights to Reprieve,” said Mark Pacyna, Chief Executive Officer of Reprieve Cardiovascular. “This capital ensures we are positioned to generate the clinical and economic evidence essential for regulatory approval and commercialization. We believe our personalized approach to decongestion management can enable better outcomes for both patients and healthcare systems around the world.”
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Proceeds from the Series B financing will support the rapid execution of the FASTR II pivotal clinical trial as well as key commercial readiness activities.
“We continue to be encouraged by the company’s clinical data and look forward to supporting their progress through this critical next stage of clinical and commercial development,” said David Neustaedter, Ph.D., Venture Partner at Deerfield Management and member of the Board of Directors.
“Reprieve Cardiovascular is addressing a significant unmet need in today’s heart failure management paradigm, and the results from the FASTR pilot study underscore the potential of the Reprieve system to reimagine the standard of care for treating ADHF,” said Anita Watkins, Managing Director, Rex Health Ventures, corporate venture fund of UNC Health. “We see unique opportunities to strategically partner with Reprieve to enhance and accelerate this innovative therapy.”
FASTR II Trial Initiation
The initiation of the FASTR II pivotal study follows the successful completion of the Company’s FASTR randomized pilot study late last year, which met both primary efficacy and safety endpoints. The Company intends to build upon these strong initial results through the larger FASTR II randomized pivotal study.
The FASTR II study will evaluate the efficacy of the Reprieve system compared to optimal diuretic therapy in patients hospitalized with ADHF. The primary objective is to determine whether the Reprieve system can decongest patients more effectively than today’s standard of care. The study plans to enroll up to 400 patients across the United States and Europe and will support a future premarket approval submission in the United States.
“Congrats to Dr. Ali Javaheri and the team at WashU Medicine on the first patient enrolled in the FASTR II study,” said Javed Butler, M.D., M.P.H., M.B.A., President of the Baylor Scott and White Research Institute, Senior Vice President for Baylor Scott and White Health, and Global Principal Investigator of the FASTR II study. “On behalf of all the investigators in the study, we believe the Reprieve system represents a promising advancement for heart failure patients and physicians who currently face significant challenges with conventional approaches to decongestion. We look forward to rapid enrollment in the study and collectively contributing critical insights to help fundamentally change the standard of care for acute heart failure.”
Source: Businesswire