2023-05-15
EIC Fund to Invest in Scandinavian Real Heart AB
Realheart receives confirmation of an initial investment from the EIC of up to 3.5 MEUR.
Today, we are pleased to announce that the European Innovation Council's (EIC) Accelerator intends to make an initial investment of up to 3.5 MEUR, equivalent to approximately 39 MSEK as part of Realheart’s next investment round. The investment means that the EIC considers Realheart's artificial heart to be groundbreaking and has the potential to reform healthcare for heart failure patients. Formal confirmation is expected shortly.
EIC is one of Europe's leading financiers of innovative companies that are expected to become global leaders in their markets. The EIC Accelerator is a program that supports carefully selected companies with both funding and services to accelerate development and market entry. The selection of companies is based on the assessment of the pioneering nature of innovation, scaling up potential and with risk levels that are too high for private investors alone.
The investment in Realheart is conditional on:
– The investment being a co-investment with new and existing shareholders.
– That EIC's total ownership does not exceed 20 percent of the company after completion of the investment
Realheart has previously stated that it will need an additional approximately 40 MEUR to reach the market for its total artificial heart (TAH). Thus, going forward, the initial EIC investment of up to 3.5 MEUR together with follow-on investment, which, depending on future milestones achieved, can be maximum 15 MEUR (follow this link) will cover a significant share of that amount in future issues.
"For Realheart, it is a great honor to be selected by EIC as a recipient of investment. We are pleased that EIC sees our potential and that they want to be part of our continued growth and development" says Ina Laura Perkins, CEO of Realheart.
Realheart is currently in preclinical studies and expects to start clinical studies in 2024.
This disclosure contains information that Real Heart is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information in this press release has been published through the agency of the contact persons set out below, at the time stated by Scandinavian Real Heart AB’s news distributor Cision upon publication of this press release.