CorWave Receives 2017 Deloitte ‘Technology Fast 50 Biotech of the Future’ Award of the Parisian Region
Clichy, 9 November 2017 – CorWave, a medical technology company developing innovative implantable cardiac assist devices, announced today that it received the ‘Deloitte In Extenso Technology Fast 50 Biotech of the Future’ award for the Parisian Region which rewards the outstanding contribution of technology companies to economic growth.
CorWave received the Parisian Region ‘Biotech of the Future’ award following its B Round of funding closed in 2016. $17.1 million (€15.5M) were raised from existing shareholders (Sofinnova Partners, Bpifrance and Seventure) and two new European investors (Novo Seeds and Ysios Capital). This second round of funding helped to accelerate the company’s growth – its workforce rose from 5 to about 50 people within two years. CorWave’s talented multi-national team is developing Left Ventricular Assist Devices (LVADs) to treat patients suffering from heart failure.
“Deloitte’s Technology Fast 50 awards are a sign of trust from investors and the market as well as an evidence of the drive and capacity for innovation demonstrated by French companies. We are convinced that in the future these technology companies will be spearheading our economy and will be catalysts for a growth dynamic creating jobs and value. We are extremely proud to present an award to CorWave, winner of the 2017 edition,” announced Ariane Bucaille, Deloitte Technology Fast 50 Associate National Manager.
“We are delighted to receive the ‘Biotech of the Future’ award. This prize outlines our rapid growth, supported by the solid foundation laid when MD Start incorporated CorWave in 2011. It is very encouraging to be singled-out by Deloitte as the medical technology company of the future for the Parisian Region, one the most dynamic innovation hubs in Europe. This award will boost us further in our ambition to provide a new generation of heart pumps with the hope of considerably improving the survival and quality of life of patients with heart failure and thereby offering heart pump therapies to a larger number of patients.” comments Louis de Lillers, CEO of CorWave.
Heart failure is one of the most common causes of death globally. In the US, heart failure is the primary diagnosis in 875,000 hospitalizations, and the most common diagnosis in hospital patients age 65 years and older. More than half of those who develop heart failure die within 5 years of diagnosis. LVADs are implantable mechanical pumps which restore normal blood flow, therefore eliminating the main symptoms of advanced heart failure and improving survival. Although providing a tremendous improvement in survival compared to drugs, current LVADs are associated with a high risk of serious adverse events, after 2 years of support 4 patients out of 5 have been through a least one severe complication caused by the LVAD itself.
About CorWave SA
CorWave develops innovative cardiac assist devices. The wave membrane technology is a unique and disruptive technology protected by nine patent families. It is stemming from over 10 years of research led by academic laboratories and AMS R&D. Mimicking cardiac pulsation and limiting blood damage, CorWave LVAD should reduce serious adverse events associated with currently available devices and therefore improve the quality of care of advanced heart failure patients, a market with multi-billion dollar potential. Founded in 2011 by the incubator MD Start and supported by renowned investors including Bpifrance, Medtronic, Novo Seeds, Seventure, Sofinnova and Ysios, CorWave has received over 20 million euros of funding. More information on: www.corwave.com
About the Technology Fast 50TM program
The Technology Fast 50 Award was created in 1995 in San Jose, California, (in the heart of Silicon Valley) and soon spread to the whole of the United States and then the United Kingdom, Canada, the Netherlands, Israel and France. The program is now operating in more than 40 countries and regions around the world. It was created to highlight the exceptional contribution of technology companies to economic growth. Deloitte has also developed three continental awards: – Europe, Middle East and Africa: Fast 500 EMEA – North America: Fast 500 North America – Asia Pacific: Fast 500 Asia Pacific. For more information: www.fast50france.com
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/aboutto learn more about our global network of member firms. In France, Deloitte SAS is the member firm of Deloitte Touche Tohmatsu Limited and professional services are provided by its subsidiaries and affiliates. © 2017 Deloitte SAS. Member of Deloitte Touche Tohmatsu Limited
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