PVP leads CryoTherapeutics €6.5m series-A extension

High-Tech Gründerfonds (HTGF), NRW Bank, Rainer Christine Asset Management, Getz Brothers and new investor KfW also took part in the extension. CryoTherapeutics has raised €6.5m in total, after receiving €3m in funding in March 2013.

PVP used its Charité Biomedical Fund to finance the deal. The fund, which has a target of €60m, was launched in November 2010 and held its first close on €31m.

The fresh capital will be used to accelerate its development programmes in order to achieve initial clinical validation for its cryotherapy technology. The funding will also enable the biotech to continue the development of its cyrotherapy technology in clinical trials and eventually lead to the commercialisation of cryotherapy systems for the treatment of coronary artery plaque.

Company
Founded in December 2009, Cologne-based CryoTherapeutics is developing a proprietary cryotherapy system for use in the treatment of coronary artery disease. The catheter system utilises cryoenergy to treat and prevent heart attacks.

People
John Yianni is managing director of CryoTherapeutics. Joachim Rautter is managing partner of PVP.

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• Topics
• DACH
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• Early-stage
• Germany
• High-Tech Gründerfonds