Andera Partners
Andera Partners’ portfolio company TRiCares secures $50 million in Series D Financing to Support Upcoming Clinical Milestones

PRESS RELEASE

Andera Partners’ portfolio company TRiCares secures $50 million in Series D Financing to Support Upcoming Clinical Milestones

• TRiCares will use the Series D financing to support its next clinical milestones for its transfemoral tricuspid heart valve replacement system, Topaz, in the US and EU.
• The financing round was raised from a single, strategic investor.
• Proceeds will support the completion of an Early Feasibility Study (EFS) in the US, the initiation of a pivotal trial in Europe, and advancing additional valve sizes for Topaz, as well as a next-generation delivery system.
• Andera Partners invested in TRiCares in 2018 as part of a Series B financing round and participated in a $55 million (approximately €51 million) Series C financing round in 2022, alongside investors such as 415 Capital, Bayern Kapital, BioMed Partners, Credit Mutuel Innovation, GOCapital, Karista, and Wellington Partners.

Paris, France and Munich, Germany – July 25^th , 2024 – Andera Partners, a leading European private equity player, announced today that its portfolio company TRiCares, a privately held pioneer in the field of minimally invasive treatment of tricuspid regurgitation, has raised $50 million (approximately €46 million) in a Series D financing round. The round was raised from a single, strategic investor. The proceeds from this financing will primarily be used to support the company through upcoming US and EU clinical milestones for its transfemoral tricuspid heart valve replacement system, Topaz. This would include the completion of an Early Feasibility Study (EFS) in the US, the initiation of a pivotal trial in Europe, and advancing additional valve sizes for Topaz, as well as a next-generation delivery system. Andera Partners had previously participated in a $55 million (€51 million) Series C financing round, alongside 415 Capital, Bayern Kapital, BioMed Partners, Credit Mutuel Innovation, GOCapital, Karista and Wellington Partners.

TRiCares recently secured Investigational Device Exemption (IDE) for an EFS from the United States Food and Drug Administration (FDA). The study will commence in the coming months, with patients to be enrolled at up to 8 potential sites in the United States and Canada, overseen by leading principal investigators Susheel Kodali, MD (NewYork-Presbyterian/ Columbia University Irving Medical Center) and Gorav Ailawadi, MD (University of Michigan Health System).

Preparations at potential sites are underway, with the completion of the study set to lay the foundations for an IDE Pivotal trial in the US. Alongside these US clinical programs, work continues apace with EU clinical investigations – with the ongoing first-in-human trial nearing completion, and an EU Pivotal (CE mark) trial commencing soon.

Ahmed Elmouelhi, President & CEO of TRiCares, stated: “I’m thrilled that we have secured this significant financing at such an important stage for the business. This financing builds on previous investments from leading European life science venture capital firms, to whom we are grateful for their ongoing support and counsel. We remain focused on improving treatment options for tricuspid regurgitation patients worldwide with our Topaz valve and look forward to providing updates on patient enrollment in the US, alongside our efforts in Europe.”

Dr. Sofia Ioannidou, Partner at Andera Partners in Paris and member of the TRiCares advisory board, added: “Today, we welcome a significant investment in our portfolio company TRiCares, that is developing an innovative solution for the many patients suffering from tricuspid regurgitation. The current financing should enable TRiCares to reach important clinical milestones ahead and bring its product one step closer to patients.”

Dr. Olivier Litzka, Partner at Andera Partners in Munich and advisory board observer, commented: “For years, Andera Partners has been at the forefront of medtech investments in heart valve innovation. Our sustained support of our French-German portfolio company, TRiCares, underscores our commitment for medtech innovation, and the success of French and German collaborative engineering.”

Tricuspid regurgitation (TR) is a serious cardiac condition affecting more than 1.8 million patients in the US, for which the current standard treatment options are open heart surgery or supportive care. However, open heart surgery is not suitable for most patients with TR, due to its high mortality risk. Topaz is an innovative, minimally invasive device designed specifically to aid patients suffering from severe TR, without the need for open heart surgery. To date, more than 25 Topaz implantations have successfully been performed across Europe and Canada.

ABOUT TRICARES

TRiCares is a dedicated medical device company located in Paris, France and Munich, Germany having the vision of bringing to the market a transfemoral tricuspid valve replacement system (TTVR). This system aims at helping patients suffering from severe tricuspid regurgitation (TR) without the need for open-heart surgery. With a unique dual stent design, the company was able to produce two valve sizes that both fit into the same catheter system. This catheter system is inserted via the femoral vein and transports the prosthesis into the right half of the heart, where it is finally released to replace the diseased tricuspid valve. This user-friendly implantation technique also allows the treatment of severely ill patients. The company is currently conducting a clinical trial in the US, Canada, and several European countries.

The experienced team of TRiCares is supported by the leading European life science venture capital firms: 415 Capital, Andera Partners, Bayern Kapital, BioMed Partners, Credit Mutuel Innovation, GoCapital, Karista, and Wellington Partners. For further information, please visit www.tricares.com

ABOUT ANDERA PARTNERS

Created over 20 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage €4.2 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion/Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto) and ecological transition (Andera Infra).

Based in Paris, with offices in Antwerp, Milan and Munich, Andera Partners is wholly owned by its teams, which count nearly 115 professionals, of which 69 investment professionals. It is structured as a partnership and managed by a board of 13 partners.

Andera’s 15-person life sciences team brings together extensive experience in the life sciences industry, private equity and venture capital. Active since 2000, the team has raised over €1.1 billion through its BioDiscovery family of funds and is currently investing from its BioDiscovery 6 fund. Since inception, the BioDiscovery funds have invested in more than 75 European and U.S. biotech and medtech companies. For further information please visit: www.anderapartners.com

MEDIA CONTACTS

• Nicolas DELSERT, Andera Partners: +33 6 22 67 71 17, n.delsert@anderapartners.com
• Dr. Cora KAISER, MC Services: +49 89 210 228 0, andera@mc-services.eu