Procyrion Closes $57.7 Million Series E Financing
Palo Alto – February 5, 2024 – Cooley advised Procyrion, a medical device company dedicated to improving outcomes for patients with cardiac and renal impairment, on the close of its $57.7 million Series E financing, including the conversion of $10 million in interim financing. Lawyers Mark Weeks, Kate Nichols and Kealan Santistevan led the Cooley team advising Procyrion.
The financing was led by Fannin Partners in partnership with new and existing family/multifamily office investors and significant participation from returning investors – including Bluebird Ventures and an undisclosed strategic investor. The proceeds will be used to fund the ongoing DRAIN-HF pivotal investigational device exemption (IDE) trial evaluating the Aortix percutaneous mechanical circulatory support device in patients with acute decompensated heart failure who remain congested despite standard medical therapy (cardiorenal syndrome), along with supporting internal programs to improve product manufacturability and prepare for commercialization.
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