Supira Medical Attracts $120M in Series E Financing

Supira Medical Inc. (Supira) has completed an oversubscribed Series E financing round, raising $120 million through new and existing investors. The money will be used to expand the company’s clinical programs for both high-risk percutaneous coronary intervention (HRPCI) and cardiogenic shock (CS).

The funding round was led by new investors Novo Holdings and Qatar Investment Authority (QIA), with participation from two undisclosed strategic investors. Existing investors contributed support as well, including Cormorant Asset Management and The Capital Partnership (TCP), 415 Capital, AMED Ventures, PA MedTech VC fund, and Unorthodox Ventures.

“We are grateful for the continued confidence and support from our current investors and delighted to welcome new world-class investors to this financing consortium,” Supira Medical President/CEO Dr. Nitin Salunke said. “This capital raise underscores the team’s progress as we look forward to exciting opportunities ahead of us to improve clinical outcomes for both HRPCI and cardiogenic shock patients.”

Supira Medical’s planned clinical program expansion includes the SUPPORT II U.S. Pivotal Study for HRPCI, which will be used to seek U.S. Food and Drug Administration (FDA) pre-market approval.

In conjunction with the funding, Supira Medical welcomed Novo Holdings US Partner Dr. Christopher Shen to its Board of Directors. “We believe there is a massive unmet need for next-generation ventricular support devices to promote myocardial recovery and improve peripheral organ perfusion in HRPCI and CS patients,” Dr. Shen stated. “The Supira team has built a strong clinical foundation to further validate the advanced low-profile, high flow technology platform in two important segments of interventional heart failure, and we are pleased with the excellent progress bringing this therapy closer to market.”

The company recently completed enrollment of its U.S. SUPPORT I Early Feasibility Study (EFS), recruiting 15 patients across four clinical sites. The prospective, single-arm clinical study evaluated the safety and feasibility of the company’s percutaneous ventricular assist device (pVAD) in patients undergoing HRPCI.

pVADs are important for supporting cardiovascular function during HRPCI, particularly in patients with complex coronary anatomy, compromised hemodynamics, and multiple comorbidities. They are also used in cardiogenic shock, a high-mortality condition where the heart is too weak to pump sufficient blood to vital organs, usually resulting from a heart attack or heart failure. The Supira System is an investigational device and is not approved for sale in the United States or anywhere in the world.

Piper Sandler acted as exclusive financial advisor and Sidley Austin LLP acted as legal counsel to Supira Medical in the Series E financing round.

A clinical-stage Shifamed portfolio company, Supira Medical develops a next-generation pVAD for high-risk patients undergoing interventional procedures and experiencing cardiogenic shock. To date, the Supira System has benefited 85 HRPCI patients.

Novo Holdings is a holding and investment company responsible for managing the assets and the wealth of the Novo Nordisk Foundation. Novo Holdings aims to improve people’s health and the planet’s sustainability by generating long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had €149 billion in total assets.

QIA is the sovereign wealth fund of the State of Qatar. Founded in 2005 to invest and manage the state reserve funds, QIA is among the largest and most active sovereign wealth funds globally. QIA invests in numerous asset classes and regions as well as in partnership with leading institutions worldwide to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns.

Founded by serial entrepreneur Amr Salahieh, Shifamed is a highly specialized medical innovation hub developing solutions that accelerate time to market, reduce risk, increase impact, and forge a path toward a a healthier world.