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Cardiovascular Venture Activity Through Q3 2023

by Oct 25, 2023Analysis, Funding

As we track cardiovascular venture activity in biopharma and medtech, companies like HeartFlow, Bitterroot Bio, DalCor Pharmaceuticals, Alleviant Medical, and Corteria Pharmaceuticals secured significant funding for groundbreaking advancements. HeartFlow, based in Mountain View, California, recently secured $215 million in Series F funding to meet demand for advanced cardiac diagnostics. Bitterroot Bio, located in Palo Alto, is making strides in cardiovascular research with an impressive $145 million Series A funding, while DalCor Pharmaceuticals obtained $80 million in Series D funding to advance their cardiovascular research. In January, Alleviant Medical concluded a $75 million equity financing round for their innovative heart failure treatment, and in September, Corteria Pharmaceuticals raised $71 million in Series A funding to develop therapies for underserved heart failures.

Venture Investment in Cardiovascular Biopharma and Medtech - DealForma

 

Cardiovascular-focused biopharma and medtech companies raised $472 million in 20 venture capital rounds in Q3 2023. This was lower than the $793 million / 24 rounds in Q2 2023 and slightly higher than the $384 million across 15 rounds in Q1 2023.

 

From Seed To Beyond: Navigating Cardiovascular Venture Rounds In 2023

Ventures by Round - Cardiovascular - Q1 to Q3 2023 - Dealforma

Seed stage startups obtained $25 million in funding in 2023 through Q3 and Series A rounds came in at $439 million. Early-stage investment still shows promise, though we are still seeing smaller number compared to the same time last year, and that was down from 2021.

Funding Cardiovascular Futures: A Stage-Centric View Of 2023 Ventures

Ventures by Stage at Funding - Cardiovascular - Q1 to Q3 2023 - Dealforma

Companies at the platform/discovery stage secured a substantial $209 million, highlighting the significance of foundational research and development within the cardiovascular space. Venture investments at preclinical/IND stage totaled $70 million in 2023 through Q3. In comparison, there was significant investment in device-related ventures, which raised a substantial $523 million, and diagnostics, which raised $320 million in funding during the same three quarters of 2023.

 

Venture Investment In The Top Therapy Areas In 2023

Venture Investment in the Top Therapy Areas - Q1 to Q3 2023- DealForma

Cancer continues to draw in the largest investment total at a a substantial $5.38 billion from Q1 to Q3 2023. Neurologic therapies and medtech attracted significant attention as well, securing $2.25 billion. Cardiovascular therapeutics, devices, and diagnostics came in third with a total of $1.41 billion in funding.

 

Notable Cardiovascular Venture Rounds In 2023

 

HeartFlow Secured $215 Million in Series F Funding for Advanced Cardiac Diagnostics

In April 2023, HeartFlow, a precision heart care company, raised $215 million in a Series F funding round. The funding will meet the growing demand for cardiac diagnostic products, support clinical research, and expand their product portfolio. HeartFlow is recognized for offering non-invasive cardiac tests and recently achieved FDA clearance for a new suite of products, enabling comprehensive coronary artery analysis, physiology assessment, and plaque information.

 

Bitterroot Bio Raised a $145 Million Series A

Bitterroot Bio, located in Palo Alto, recently emerged from stealth mode on June 7, announcing the successful closure of an impressive $145 million Series A funding round. This substantial funding is the most significant investment in a preclinical CVD-focused biotech. Bitterroot Bio’s approach is rooted in the latest advancements in immunology, which involve identifying novel targets and creating innovative protein therapies. Their primary program, focusing on the CD47/SIRPα pathway, aims to tackle the underlying dysfunction contributing to atherosclerosis, a condition marked by plaque accumulation in arteries, leading to heart attacks and strokes.

 

DalCor Pharmaceuticals Secured $80 Million in Series D Funding

In September, DalCor Pharmaceuticals secured $80 million in a Series D funding round to substantiate the effectiveness of the CETP inhibitor dalcetrapib in treating cardiovascular disease through a biomarker strategy. This funding will enable further research on dalcetrapib, a drug for which DalCor holds global development and commercialization rights. Although a Phase III trial did not reduce the risk of a composite endpoint, it did show a 21 percent reduction in relative risk of fatal and nonfatal myocardial infarction across 34 countries and a 45% reduction specifically in North American patients.

 

Alleviant Medical Raised a $75 Million Financing Round

In January 2023, Alleviant Medical, a medical device company working on a non-implant interatrial shunt for heart failure, successfully concluded a $75 million equity financing round. The funding will support the company’s global pivotal trial, ALLAY-HF (Safety and Efficacy of the Alleviant System for Non-Implant Interatrial Shunt Creation in Patients with Chronic Heart Failure). The objective of ALLAY-HF is to demonstrate the safety and effectiveness of the Alleviant System in treating heart failure by relieving pressure in the left atrium. Alleviant’s mission is to provide a safe, effective, non-implant treatment option for millions of heart failure patients.

 

Corteria Pharmaceuticals Raised $71 Million in Series A Funding

In September 2023, Corteria Pharmaceuticals, a biopharmaceutical company specializing in developing innovative treatments for underserved heart failure subgroups, announced a well-subscribed Series A funding round of €65 million ($71 million). Corteria was founded in 2021 by Philip Janiak, the former head of cardiovascular research at Sanofi, and Marie-Laure Ozoux, formerly a cardiovascular project leader at Sanofi. Initially in-licensed from Sanofi, Corteria’s pipeline has rapidly expanded and now includes three first-in-class therapies known for their multi-organ benefits, targeting the kidneys, heart, and blood vessels.

 

 

 

 

21,598

Licensing Deals

22,217

Funding Rounds

4,216

M&A

35,278

Company Profiles

5,897

Other Deals

27,588

Drug Sales Figures

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