Target Company Overview

CoreMedic GmbH is an innovative medical technology company focused on cardiology, located in Radolfzell, Germany. Founded in 2012 as a spin-off from the Heart Center of the University of Bern, Switzerland, CoreMedic's primary mission is to develop its novel treatment concept, ChordArt, for mitral valve insufficiency. The company has successfully demonstrated the surgical application of its ChordArt implant, backed by five-year data confirming its stability, safety, and effectiveness in multiple patients.

With its unique transcatheter technology for mitral valve reconstruction, CoreMedic offers a minimally invasive alternative to conventional surgical methods, significantly reducing the burden on patients and facilitating quicker recovery times. These innovations grant access to treatment for patients deemed unfit for traditional open-heart surgery.

Industry Overview in Germany

The prevalence of mitral valve insufficiency (mitral regurgitation, MR) affects over 24 million patients globally, presenting a considerable unmet medical need. This condition, resulting from structural damage to the mitral valve, disrupts blood flow between the heart's left chambers. Treatment typically requires structural interventions, often necessitating high-risk open-heart surgeries that many patients cannot undergo.

In Germany, the cardiology sector is rapidly evolving, with a growing emphasis on minimally invasive techniques that improve patient outcomes and expand therapeutic options. The shift towards innovative technologies, such as transcatheter devices, reflects a broader trend in healthcare aimed at optimizing surgical approaches and enhancing the efficiency of medical procedures.

Recent advancements in medical technology and the increasing demand for less invasive medical solutions are driving growth in this sector. Hospitals and clinics are responding to this trend by adopting new technologies that promise to reduce inpatient recovery times and associated healthcare costs.

The competitive landscape is marked by significant investment from venture capitalists and industry players, looking to support developments that improve patient care in cardiology. As the market for cardiovascular devices expands, innovative companies like CoreMedic are well-positioned to lead the way in the delivery of groundbreaking solutions.

Rationale Behind the Deal

The recent Series B funding extension led by MIG Capital is aimed at expediting CoreMedic's clinical development of its ChordArt transcatheter repair system for mitral valves. The influx of capital will facilitate the completion of the ongoing First-in-Human study for the transseptal implantation of ChordArt, enabling the company to prepare for a global clinical program in collaboration with its medical advisory board and international clinical network.

CoreMedic anticipates that this funding will be instrumental in advancing its goals, allowing for further research and development necessary to bring its innovative solution to market. The partnership with MIG Capital adds strategic value as the investor has extensive experience in scaling enterprises across various industries from inception to expansion.

Investor Profile

MIG Capital AG is recognized as one of Germany's leading venture capital investors, primarily focusing on Deep Tech and Life Sciences companies in the German-speaking region and beyond. With over 730 million euros invested in more than 50 companies, MIG boasts a diverse portfolio that includes advancements in biopharmaceuticals, energy, environmental technologies, advanced computing, and medical devices.

The investment team at MIG consists of experts with backgrounds in engineering, natural sciences, medicine, and entrepreneurship, dedicated to thoroughly assessing the risks and opportunities associated with innovative business models and technologies. Their established reputation and expansive network allow MIG to provide exceptional access to resources that can accelerate the growth of their portfolio companies.

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This investment represents a significant milestone for CoreMedic, as it not only provides crucial financial support but also solidifies its positioning in the market for minimally invasive cardiology solutions. The unique proposition of the ChordArt system aligns with current trends towards less invasive procedures, making it an attractive avenue for both clinical application and potential investor returns.

Given the substantial need for effective treatments for mitral valve insufficiency and the limitations of existing surgical interventions, CoreMedic's ChordArt technology stands to fill a critical gap. The combination of a strong clinical foundation and innovative approach supports the potential for widespread adoption in the healthcare landscape.

Furthermore, MIG Capital’s involvement enhances the credibility of CoreMedic and provides access to valuable expertise that can steer the company toward successful market penetration. As the demand for innovative cardiovascular solutions continues to rise, CoreMedic appears poised for growth and success.

In conclusion, the core values and strategic direction of this partnership indicate a promising future for this investment, thus positioning it as a sound opportunity in the evolving landscape of cardiovascular care.

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