Swedish medtech company Syntach AB has been awarded up to €15 million in equity financing by European Innovation Council (EIC).
The funding will support the development of the Syntach Cardiac Support System, a breakthrough device for patients with heart failure.
The new approval follows the award of a €2.5 million grant from the EIC announced by Syntach AB in December 2021.
Meanwhile, thecompany has also appointed Patrick N.J. Schnegelsberg as Chief Executive Officer (CEO).
Schnegelsberg will accelerate the development of Syntach’s innovative minimally invasive support system for heart failure patients.
Board chair, Tor Peters, said:
“It is our objective to revolutionize the way heart failure patients are treated while creating a company with the capability to offer this treatment on a global scale.
“We have assembled a fantastic team and paired with the great support from the EIC as well as the global cardiology and cardiac surgery communities, we are very optimistic about our future.”
The EIC Accelerator aims to support the creation of European unicorns by helping them bring disruptive innovations to market.
After a highly selective and rigorous evaluation process, the Syntach Cardiac Support System has been recognised as a breakthrough medical innovation aimed at providing a solution for heart failure patients with significant unmet needs.
More than 64 million people suffer from heart failure which is one of the leading causes of death globally.
Syntach Cardiac Support is a minimally invasive cardiac assist system that does not require open heart surgery.
The Syntach system is powered by an implanted battery, avoiding a drive line through the skin and many of the negative side effects associated with currently-available devices.
Rather than replacing the heart function, the Syntach Cardiac Support system supports and enhances the natural movement of the atrioventricular plane in the heart, making each heartbeat more effective.