EIB Provides Venture Debt to Protembis for Advanced Brain Protection Technology in Heart Treatments

EIB Provides Venture Debt to Protembis for Advanced Brain Protection Technology in Heart Treatments

(IN BRIEF) The European Investment Bank (EIB) is providing €20 million in venture debt financing to German medical technology company Protembis for the development of their “ProtEmbo” cerebral embolic protection system. This device aims to reduce the risk of brain injury during catheter-based heart procedures like transcatheter aortic valve replacement (TAVR). The funding will support clinical trials, research, development, and market access in Europe, the US, and beyond. The initiative aligns with the EIB’s commitment to enhancing health technologies and is supported by the InvestEU programme. This financing follows Protembis’ recent €30 million Series B round to advance a pivotal FDA-approved trial for ProtEmbo.

(PRESS RELEASE) LUXEMBOURG, 30-Jul-2024 — /EuropaWire/ — The European Investment Bank (EIB) is providing €20 million in venture debt financing to German medical technology company Protembis to advance the development of their innovative “ProtEmbo” cerebral embolic protection system. This device aims to reduce the risk of brain injury in patients undergoing catheter-based heart procedures, such as transcatheter aortic valve replacement (TAVR).

Key Details:

• Purpose: The funding will support clinical trials, research, development, and market access for the ProtEmbo system in Europe, the US, and other regions.
• Technology: ProtEmbo is a filter device designed to deflect embolic material away from the brain’s arteries during left-sided heart procedures, thereby reducing the risks of stroke and cognitive decline.

Statements:

• EIB Vice-President Nicola Beer: “This agreement demonstrates our commitment to supporting companies like Protembis that aim to improve the health and well-being of European citizens. Their innovative technology will protect patients undergoing heart surgery from severe side effects like cerebral embolic events.”
• Protembis Co-CEOs Karl von Mangoldt and Conrad Rasmus: “We are pleased to announce this agreement with the EIB. We appreciate the EIB team’s professionalism and thank our existing investors and board for their unwavering support.”

Background:

• TAVR Procedure: TAVR is a minimally invasive procedure to replace a narrowed aortic valve. Approximately 430,000 patients globally are expected to undergo TAVR by 2025.
• Complications: A significant risk of TAVR is dislodging debris that can travel to the brain, causing stroke or cognitive decline.
• ProtEmbo Device: Inserted via the artery in the left wrist, ProtEmbo lines the roof of the aortic arch to shield the brain from debris during TAVR.

Recent Developments:

• In March 2024, Protembis completed a €30 million Series B financing round to support an FDA-approved Investigational Device Exemption study for ProtEmbo. This pivotal trial will enroll 250-500 patients undergoing TAVR in Europe and the US, comparing ProtEmbo’s effectiveness to a control group using the current standard, the “Sentinel” system.

Support and Impact:

• The EIB financing is backed by the InvestEU programme, which aims to generate over €372 billion in additional investment in new technologies by 2027. This deal aligns with InvestEU’s goals of promoting research, development, and innovation.

This funding will accelerate Protembis’ efforts to bring their next-generation brain protection technology to market, enhancing patient safety and outcomes in heart treatments globally.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Its key priorities are climate and the environment, development, innovation and skills, SMEs, infrastructure, and cohesion. It works closely with other EU institutions to foster European integration, promote the development of the European Union and support EU policies in more than 140 countries worldwide.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

About ProtEmbo and Protembis
The ProtEmbo Cerebral Protection System is an intra-aortic filter device that protects the entire brain from embolic material liberated during transcatheter aortic valve replacement (TAVR). It is a low-profile non thrombogenic system that shields all cerebral vessels, delivered through the left radial artery for optimal placement and stability. This is an ideal access site enabling physicians to avoid interference with TAVR equipment typically delivered through the femoral artery.

Protembis is a privately held emerging medical device company that has developed the ProtEmbo® Cerebral Protection System. The company strives to provide a simple and reliable solution to protect patients from brain injury during left-sided heart procedures, improving patient quality of life and reducing overall healthcare costs associated with brain injury during such procedures. The ProtEmbo® System is currently undergoing clinical investigations.

Media Contact:

Donata Riedel
d.riedel@eib.org
+352 4379 – 86192

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank